• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Medicines Comp (NASDAQ:MDCO)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Medicines Comp (NASDAQ:MDCO) based on the price action in the company's shares. Today's price range of $37.48 and $37.72 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 Medicines Comp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Medicines Comp have traded between a low of $16.69 and a high of $41.57 and are now at $37.48, which is 125% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.0%.

The Medicines Company develops products that improve specialized care. The Company markets Angiomax, an anticoagulant approved in the United States and other countries for use in patients undergoing coronary angioplasty procedures.

Medicines Comp (NASDAQ:MDCO) has potential upside of 33.7% based on a current price of $37.48 and analysts' consensus price target of $50.12. Medicines Comp shares have support at the 50-day moving average (MA) of $34.69 and additional support at the 200-day MA of $27.04.

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

Keywords: bearish inside day candle medicines comp

Ticker(s): MDCO