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Possible Bearish Inside Day Candle Pattern Detected for Puma Biotechnolo (NASDAQ:PBYI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Puma Biotechnolo (NASDAQ:PBYI) based on the price action in the company's shares. Yesterday's price range of $12.75 and $14.30 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 Puma Biotechnolo may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Puma Biotechnolo has overhead space with shares priced $12.93, or 86.2% below the average consensus analyst price target of $93.50. The stock should find resistance at its 200-day moving average (MA) of $13.02, as well as support at its 50-day MA of $8.91.

In the past 52 weeks, shares of Puma Biotechnolo have traded between a low of $6.26 and a high of $43.90 and closed yesterday at $12.93, which is 107% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.8% while the 200-day MA has slid 3.5%.

Puma Biotechnology, Inc. is a development-stage biopharmaceutical company. The Company develops novel therapeutics for the treatment of various forms of cancer. Puma focuses on in-licensing drug candidates that are undergoing or have already completed initial clinical testing for the treatment of cancer and then seeks to further develop those drug candidates for commercial use.

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

Keywords: bearish am inside day candle puma biotechnolo

Ticker(s): PBYI