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Possible Bearish Inside Day Candle Pattern Detected for Macrogenics Inc (NASDAQ:MGNX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Macrogenics Inc (NASDAQ:MGNX) based on the price action in the company's shares. Yesterday's price range of $18.24 and $18.53 is within the prior day'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 Macrogenics Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 73.6% for shares of Macrogenics Inc based on a current price of $18.24 and an average consensus analyst price target of $31.67. Macrogenics Inc shares have support at the 50-day moving average (MA) of $18.06 and additional support at the 200-day MA of $18.00.

In the past 52 weeks, shares of Macrogenics Inc have traded between a low of $9.87 and a high of $32.74 and closed yesterday at $18.24, which is 85% above that low price. The 200-day and 50-day moving averages have moved 0.15% lower and 0.29% lower over the past week, respectively.

MacroGenics, Inc. develops novel biologics. The Company specializes in treatments for autoimmune disorders, cancer, and infectious diseases. MacroGenics serves the healthcare industry in the United States.

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

Keywords: bearish am inside day candle macrogenics inc

Ticker(s): MGNX