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Possible Bearish Inside Day Candle Pattern Detected for Oncomed Pharmace (NASDAQ:OMED)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Oncomed Pharmace (NASDAQ:OMED) based on the price action in the company's shares. Today's price range of $0.98 and $1.00 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 Oncomed Pharmace may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Oncomed Pharmace have traded between a low of $0.55 and a high of $3.62 and are now at $0.98, which is 78% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has advanced 1.9%.

OncoMed Pharmaceuticals, Inc. provides biotechnology research and development. The Company synthesizes oncogenic mutations in stem cells that allows the cells to grow without normal limitations in attempts to exploit therapies that selectively target tumor initiating cells. OncoMed Pharmaceuticals serves the healthcare industry and cancer therapy patients in the United States.

There is potential upside of 478.3% for shares of Oncomed Pharmace based on a current price of $0.98 and an average consensus analyst price target of $5.67. The stock should find resistance at its 200-day moving average (MA) of $1.54, as well as support at its 50-day MA of $0.90.

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

Keywords: bearish inside day candle oncomed pharmace

Ticker(s): OMED