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Possible Bearish Inside Day Candle Pattern Detected for Sangamo Therapeu (NASDAQ:SGMO)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sangamo Therapeu (NASDAQ:SGMO) based on the price action in the company's shares. Today's price range of $11.85 and $11.85 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 Sangamo Therapeu may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Sangamo Therapeutics, Inc. operates as a biotechnology company. The Company focuses on research and development of genomic therapies, as well as develops medicines for patient with genetic diseases. Sangamo Therapeutics serves customers in the United States.

Sangamo Therapeu has overhead space with shares priced $11.85, or 54.9% below the average consensus analyst price target of $26.25. The stock should hit resistance at its 200-day moving average (MA) of $12.55, as well as support at its 50-day MA of $10.21.

In the past 52 weeks, shares of Sangamo Therapeu have traded between a low of $6.26 and a high of $19.25 and are now at $11.85, which is 89% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.5%.

SmarTrend recommended that subscribers consider buying shares of Sangamo Therapeu on March 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $10.20. Since that recommendation, shares of Sangamo Therapeu have risen 17.6%. We continue to monitor SGMO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle sangamo therapeu

Ticker(s): SGMO