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Possible Bearish Inside Day Candle Pattern Detected for Neurocrine Biosc (NASDAQ:NBIX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Neurocrine Biosc (NASDAQ:NBIX) based on the price action in the company's shares. Yesterday's price range of $82.97 and $83.60 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 Neurocrine Biosc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Neurocrine Biosc has traded in a range of $64.72 to $126.98 and closed yesterday at $82.97, 28% above that low. The 200-day and 50-day moving averages have moved 0.25% lower and 1.13% higher over the past week, respectively.

Neurocrine Biosciences, Inc. is focused on the discovery and development of therapeutics for neuropsychiatric, neuroinflammatory, and neurodegenerative diseases and disorders. The Company is developing therapeutic interventions for anxiety, depression, alzheimer's disease, insomnia, stroke, malignant brain tumors, multiple sclerosis, obesity, and diabetes.

Neurocrine Biosc (NASDAQ:NBIX) has potential upside of 30.9% based on a current price of $82.97 and analysts' consensus price target of $108.62. Neurocrine Biosc shares should first meet resistance at the 50-day moving average (MA) of $83.02 and find additional resistance at the 200-day MA of $98.63.

SmarTrend is tracking the current trend status for Neurocrine Biosc and will alert subscribers who have NBIX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle neurocrine biosc

Ticker(s): NBIX