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Possible Bearish Inside Day Candle Pattern Detected for Repligen Corp (NASDAQ:RGEN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Repligen Corp (NASDAQ:RGEN) based on the price action in the company's shares. Yesterday's price range of $74.69 and $75.29 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 Repligen Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Repligen Corporation is a bioprocessing company focused on the development, production and commercialization of innovative products used in the process of manufacturing biologic drugs. The Company's customers include life sciences companies, global biopharmaceutical companies, and contract manufacturers worldwide.

Repligen Corp share prices have moved between a 52-week high of $77.62 and a 52-week low of $29.56 and closed yesterday at 154% above that low price at $74.99 per share. Over the past week, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has advanced 1.7%.

Repligen Corp (NASDAQ:RGEN) is currently priced 37.9% above its average consensus analyst price target of $46.57. Repligen Corp shares have support at the 50-day moving average (MA) of $64.03 and additional support at the 200-day MA of $59.15.

SmarTrend recommended that subscribers consider buying shares of Repligen Corp on April 26th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $63.80. Since that recommendation, shares of Repligen Corp have risen 18.7%. We continue to monitor RGEN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle repligen corp

Ticker(s): RGEN