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

By Shiri Gupta

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 $20.74 and $21.58 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.

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.

Potential upside of 44.1% exists for Macrogenics Inc, based on a current level of $21.51 and analysts' average consensus price target of $31.00. Macrogenics Inc shares should encounter resistance at the 200-day moving average (MA) of $25.58 and support at the 50-day MA of $18.83.

Over the past year, Macrogenics Inc has traded in a range of $14.36 to $33.30 and closed yesterday at $21.51, 50% above that low. The 200-day and 50-day moving averages have moved 1.35% lower and 1.38% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Macrogenics Inc on March 27th, 2018 by issuing a Downtrend alert when the shares were trading at $25.80. Since that call, shares of Macrogenics Inc have fallen 16.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle macrogenics inc

Ticker(s): MGNX