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Possible Bearish Inside Day Candle Pattern Detected for Mirati Therapeut (NASDAQ:MRTX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mirati Therapeut (NASDAQ:MRTX) based on the price action in the company's shares. Today's price range of $88.44 and $91.60 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 Mirati Therapeut may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Mirati Therapeut share prices have moved between a 52-week high of $111.37 and a 52-week low of $24.65 and are now trading 262% above that low price at $89.19 per share. The 200-day and 50-day moving averages have moved 1.47% higher and 2.28% lower over the past week, respectively.

Mirati Therapeutics, Inc. is a targeted oncology company developing a pipeline of therapeutics for precisely defined patient populations. The Mirati team is using a blueprint proven by their prior work for developing potential breakthrough therapies with accelerated development paths.

Potential upside of 24.1% exists for Mirati Therapeut, based on a current level of $89.19 and analysts' average consensus price target of $110.64. Mirati Therapeut shares should encounter resistance at the 50-day moving average (MA) of $94.54 and support at its 200-day MA of $75.03.

SmarTrend recommended that its subscribers protect gains by selling shares of Mirati Therapeut on July 26th, 2019 by issuing a Downtrend alert when the shares were trading at $97.26. Since that call, shares of Mirati Therapeut have fallen 5.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle mirati therapeut

Ticker(s): MRTX