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

By Shiri Gupta

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. Yesterday's price range of $28.12 and $28.74 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 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 has overhead space with shares priced $28.19, or 18.0% 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 $29.86 and find additional resistance at the 200-day MA of $37.59.

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 share prices have moved between a 52-week high of $50.01 and a 52-week low of $26.80 and closed yesterday at 5% above that low price at $28.19 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Myriad Genetics on October 8th, 2018 by issuing a Downtrend alert when the shares were trading at $42.84. Since that call, shares of Myriad Genetics have fallen 32.5%. 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 myriad genetics

Ticker(s): MYGN