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Possible Bearish Inside Day Candle Pattern Detected for Novavax Inc (NASDAQ:NVAX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Novavax Inc (NASDAQ:NVAX) based on the price action in the company's shares. Yesterday's price range of $0.62 and $0.63 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 Novavax Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Novavax, Inc. is a clinical stage biotechnology company. The Company creates novel vaccines to address a broad range of infectious diseases worldwide using proprietary virus-like particle (VLP) technology.

Novavax Inc (NASDAQ:NVAX) has potential upside of 523.6% based on a current price of $0.63 and analysts' consensus price target of $3.93. The stock should run into initial resistance at its 50-day moving average (MA) of $1.65 and subsequent resistance at its 200-day MA of $1.67.

In the past 52 weeks, shares of Novavax Inc have traded between a low of $0.49 and a high of $2.58 and closed yesterday at $0.63, which is 29% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 7.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Novavax Inc on February 28th, 2019 by issuing a Downtrend alert when the shares were trading at $0.72. Since that call, shares of Novavax Inc have fallen 10.8%. 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 novavax inc

Ticker(s): NVAX