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Possible Bearish Inside Day Candle Pattern Detected for Inovio Biomedical (AMEX:INO)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Inovio Biomedical (AMEX:INO) based on the price action in the company's shares. Today's price range of $10.41 and $10.63 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Inovio Biomedical may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Inovio Biomedical Corporation is focused on developing multiple DNA-based immunotherapies. The Company develops applications of electroporation using brief, controlled electrical pulses to increase cellular uptake of a useful biopharmaceutical.

Inovio Biomedical has overhead space with shares priced $10.44, or 52.5% below the average consensus analyst price target of $22.00. The stock should find initial support at its 50-day moving average (MA) of $8.52 and further support at its 200-day MA of $7.11.

Inovio Biomedical share prices have moved between a 52-week high of $11.69 and a 52-week low of $4.50 and are now trading 132% above that low price at $10.44 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.3% while the 200-day MA has risen 0.7%.

SmarTrend is tracking the current trend status for Inovio Biomedical and will alert subscribers who have INO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle amex:ino inovio biomedical

Ticker(s): INO