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

By James Quinn

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. Today's price range of $5.95 and $5.96 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 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 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.

Over the past year, Pacific Bioscien has traded in a range of $3.33 to $7.84 and is now at $5.96, 79% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 1.3%.

Pacific Bioscien (NASDAQ:PACB) is currently priced 34.9% above its average consensus analyst price target of $3.88. Pacific Bioscien shares should first meet resistance at the 50-day moving average (MA) of $6.66 and find additional resistance at the 200-day MA of $6.79.

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 inside day candle pacific bioscien

Ticker(s): PACB