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Possible Bearish Inside Day Candle Pattern Detected for Progenics Pharm (NASDAQ:PGNX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Progenics Pharm (NASDAQ:PGNX) based on the price action in the company's shares. Today's price range of $4.18 and $4.50 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 Progenics Pharm may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Progenics Pharmaceuticals, Inc. is a biopharmaceutical company. The Company develops and distributes therapeutic products to treat the unmet medical needs of patients with debilitating conditions and life-threatening diseases. Progenics' principal programs are directed toward supportive care, virology (human immunodeficiency virus and hepatitis C virus infections), and oncology.

Progenics Pharm has overhead space with shares priced $4.18, or 68.8% below the average consensus analyst price target of $13.40. The stock should find initial resistance at its 200-day moving average (MA) of $4.76 and further resistance at its 50-day MA of $5.00.

Over the past year, Progenics Pharm has traded in a range of $3.42 to $8.11 and is now at $4.18, 22% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of Progenics Pharm on July 19th, 2019 by issuing a Downtrend alert when the shares were trading at $5.28. Since that call, shares of Progenics Pharm have fallen 14.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle progenics pharm

Ticker(s): PGNX