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Possible Bearish Inside Day Candle Pattern Detected for Sage Therapeutic (NASDAQ:SAGE)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sage Therapeutic (NASDAQ:SAGE) based on the price action in the company's shares. Yesterday's price range of $174.62 and $176.63 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 Sage Therapeutic may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Sage Therapeutics, Inc. develops treatments for central nervous system disorders. The Company provides treatments for schizophrenia, major depressive disorder, pain, and traumatic brain injury conditions. Sage Therapeutics operates in the United States.

In the past 52 weeks, Sage Therapeutic share prices have been bracketed by a low of $79.88 and a high of $177.98 and closed yesterday at $174.14, 118% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.7%.

Potential upside of 21.7% exists for Sage Therapeutic, based on a current level of $174.14 and analysts' average consensus price target of $211.90. Sage Therapeutic shares have support at the 50-day moving average (MA) of $167.85 and additional support at the 200-day MA of $141.96.

SmarTrend recommended that subscribers consider buying shares of Sage Therapeutic on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $147.08. Since that recommendation, shares of Sage Therapeutic have risen 20.6%. We continue to monitor SAGE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle sage therapeutic

Ticker(s): SAGE