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

By Shiri Gupta

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. Yesterday's price range of $72.97 and $76.25 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 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 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.

Based on a current price of $73.61, Mirati Therapeut is currently 47.6% above its average consensus analyst price target of $38.60. Mirati Therapeut shares have support at the 50-day moving average (MA) of $66.55 and additional support at the 200-day MA of $52.32.

Mirati Therapeut share prices have moved between a 52-week high of $79.31 and a 52-week low of $24.65 and closed yesterday at 199% above that low price at $73.61 per share. Over the last five market days, the 200-day moving average (MA) has gone up 1.3% while the 50-day MA has advanced 4.0%.

SmarTrend is monitoring the recent change of momentum in Mirati Therapeut. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Mirati Therapeut in search of a potential trend change.

Keywords: bearish am inside day candle mirati therapeut

Ticker(s): MRTX