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Possible Bearish Inside Day Candle Pattern Detected for QIAGEN (NASDAQ:QGEN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in QIAGEN (NASDAQ:QGEN) based on the price action in the company's shares. Today's price range of $26.01 and $26.15 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 QIAGEN 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 QIAGEN have traded between a low of $19.94 and a high of $28.53 and are now at $26.12, which is 31% above that low price. The 200-day and 50-day moving averages have moved 0.42% lower and 0.18% higher over the past week, respectively.

QIAGEN N.V. provides technologies for separating and purifying DNA and RNA. The Company's portfolio consists of consumable products for nucleic acid separation, purification, and handling and nucleic acid amplification, as well as automated instrumentation and related services.

Potential upside of 0.1% exists for QIAGEN, based on a current level of $26.12 and analysts' average consensus price target of $26.15. QIAGEN shares have support at the 200-day moving average (MA) of $24.71 and additional support at the 50-day MA of $22.38.

SmarTrend recommended that subscribers consider buying shares of QIAGEN on July 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.10. Since that recommendation, shares of QIAGEN have risen 13.5%. We continue to monitor QGEN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle qiagen

Ticker(s): QGEN