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Possible Bearish Inside Day Candle Pattern Detected for Pacific Bioscien (NASDAQ:PACB)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pacific Bioscien (NASDAQ:PACB) based on the price action in the company's shares. Yesterday's price range of $5.04 and $5.20 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 Pacific Bioscien may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Pacific Bioscien (NASDAQ:PACB) is currently priced 23.9% above its average consensus analyst price target of $3.88. The stock should find resistance at its 200-day moving average (MA) of $6.24, as well as support at its 50-day MA of $5.08.

Pacific Biosciences of California Inc. designs, develops, and manufactures sequencing systems to help scientists resolve genetically complex problems. The Company offers Single Molecule and Real-Time (SMRT) technology that enables real-time analysis of biomolecules with single molecule resolution.

In the past 52 weeks, shares of Pacific Bioscien have traded between a low of $4.38 and a high of $7.84 and closed yesterday at $5.09, which is 16% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1% while the 200-day MA has slid 0.6%.

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

Keywords: bearish am inside day candle pacific bioscien

Ticker(s): PACB