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Possible Bearish Inside Day Candle Pattern Detected for Myriad Genetics (NASDAQ:MYGN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Myriad Genetics (NASDAQ:MYGN) based on the price action in the company's shares. Today's price range of $24.66 and $26.12 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 Myriad Genetics may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Myriad Genetics, Inc. develops and markets molecular diagnostic products to provide physicians with information to help guide the care of their patients, to prevent disease, delay the onset of disease, or catch disease at an early stage.

Myriad Genetics has overhead space with shares priced $24.66, or 28.3% below the average consensus analyst price target of $34.38. Myriad Genetics shares should first meet resistance at the 50-day moving average (MA) of $28.84 and find additional resistance at the 200-day MA of $33.85.

Myriad Genetics share prices have moved between a 52-week high of $50.44 and a 52-week low of $23.08 and are now trading 7% above that low price at $24.66 per share. Over the past week, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has declined 2.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of Myriad Genetics on May 8th, 2019 by issuing a Downtrend alert when the shares were trading at $28.66. Since that call, shares of Myriad Genetics have fallen 9.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle myriad genetics

Ticker(s): MYGN