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Possible Bearish Inside Day Candle Pattern Detected for Momenta Pharmace (NASDAQ:MNTA)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Momenta Pharmace (NASDAQ:MNTA) based on the price action in the company's shares. Yesterday's price range of $12.44 and $14.23 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 Momenta Pharmace may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Momenta Pharmace has overhead space with shares priced $12.90, or 27.5% below the average consensus analyst price target of $17.80. The stock should run into initial resistance at its 50-day moving average (MA) of $14.96 and subsequent resistance at its 200-day MA of $21.13.

In the past 52 weeks, Momenta Pharmace share prices have been bracketed by a low of $9.66 and a high of $32.20 and closed yesterday at $12.90, 34% above that low price. The 200-day and 50-day moving averages have moved 0.27% lower and 4.63% lower over the past week, respectively.

Momenta Pharmaceuticals, Inc. is a biotechnology company. The Company specializes in sequencing and engineering of complex sugars for the development of improved versions of existing drugs, the development of novel drugs, and the discovery of new biological processes. Momenta also develops technology-enabled generic products.

SmarTrend recommended that its subscribers protect gains by selling shares of Momenta Pharmace on August 2nd, 2018 by issuing a Downtrend alert when the shares were trading at $28.40. Since that call, shares of Momenta Pharmace have fallen 58.3%. 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 momenta pharmace

Ticker(s): MNTA