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Possible Bearish Inside Day Candle Pattern Detected for Roche Holding (NASDAQ:RHHBY)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Roche Holding (NASDAQ:RHHBY) based on the price action in the company's shares. Today's price range of $31.87 and $31.94 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 Roche Holding 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, Roche Holding share prices have been bracketed by a low of $29.89 and a high of $76.51 and are now at $31.89, 7% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 0.3%.

Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system.

Roche Holding has overhead space with shares priced $31.89, or 15.7% below the average consensus analyst price target of $37.85. Roche Holding shares should encounter resistance at the 200-day moving average (MA) of $33.05 and support at the 50-day MA of $31.45.

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

Keywords: bearish inside day candle roche holding

Ticker(s): RHHBY