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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. Yesterday's price range of $26.16 and $26.46 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 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, QIAGEN share prices have been bracketed by a low of $19.94 and a high of $28.53 and closed yesterday at $26.16, 31% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.2%.

QIAGEN (NASDAQ:QGEN) is currently priced 0.0% above its average consensus analyst 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.

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.

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 15.2%. We continue to monitor QGEN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle qiagen

Ticker(s): QGEN