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Possible Bearish Inside Day Candle Pattern Detected for Invitae Corp (NYSE:NVTA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Invitae Corp (NYSE:NVTA) based on the price action in the company's shares. Today's price range of $9.40 and $9.90 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 Invitae Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Invitae Corp has traded in a range of $4.35 to $10.44 and is now at $9.70, 123% above that low. The 200-day and 50-day moving averages have moved 0.26% lower and 1.38% higher over the past week, respectively.

Invitae Corp (NYSE:NVTA) has potential upside of 27.1% based on a current price of $9.70 and analysts' consensus price target of $12.33. Invitae Corp shares have support at the 50-day moving average (MA) of $8.12 and additional support at the 200-day MA of $7.51.

Invitae Corporation provides genetic testing and genetic network services in the United States.

SmarTrend recommended that subscribers consider buying shares of Invitae Corp on May 10th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $6.42. Since that recommendation, shares of Invitae Corp have risen 54.4%. We continue to monitor NVTA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle invitae corp

Ticker(s): NVTA