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Possible Bearish Inside Day Candle Pattern Detected for Mimedx Group Inc (NASDAQ:MDXG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mimedx Group Inc (NASDAQ:MDXG) based on the price action in the company's shares. Yesterday's price range of $5.85 and $6.25 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 Mimedx Group Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Mimedx Group Inc (NASDAQ:MDXG) has potential upside of 133.3% based on a current price of $6.00 and analysts' consensus price target of $14.00. The stock should find resistance at its 200-day moving average (MA) of $8.14, as well as support at its 50-day MA of $4.59.

Mimedx Group Inc share prices have moved between a 52-week high of $18.25 and a 52-week low of $3.00 and closed yesterday at 100% above that low price at $6.00 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.9% while the 200-day MA has slid 1%.

MiMedx Group Inc. operates as a medical device company. The Company is focused on biomaterials for soft tissue repair, such as tendons, ligaments, and cartilage, as well as other biomaterial based products for other medical applications. MiMedx Group serves the medical industry around the world.

SmarTrend recommended that subscribers consider buying shares of Mimedx Group Inc on July 26th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $4.68. Since that recommendation, shares of Mimedx Group Inc have risen 35.3%. We continue to monitor MDXG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle mimedx group inc

Ticker(s): MDXG