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

By Nick Russo

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. Today's price range of $27.15 and $27.85 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 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 (NASDAQ:MNTA) is currently priced 35.2% above its average consensus analyst price target of $17.80. The stock should find initial support at its 50-day moving average (MA) of $22.71 and further support at its 200-day MA of $17.55.

In the past 52 weeks, shares of Momenta Pharmace have traded between a low of $9.66 and a high of $28.50 and are now at $27.45, which is 184% above that low price. Over the past week, the 200-day moving average (MA) has gone up 1.1% while the 50-day MA has advanced 2.0%.

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

Keywords: bearish inside day candle momenta pharmace

Ticker(s): MNTA