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

By Amy Schwartz

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 $11.89 and $11.89 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 Therapeu share prices have moved between a 52-week high of $19.25 and a 52-week low of $6.26 and are now trading 90% above that low price at $11.89 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has slid 0.8%.

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.

There is potential upside of 120.8% for shares of Sangamo Therapeu based on a current price of $11.89 and an average consensus analyst price target of $26.25. The stock should discover initial support at its 200-day moving average (MA) of $11.12 and subsequent support at its 50-day MA of $10.19.

SmarTrend is monitoring the recent change of momentum in Sangamo Therapeu. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Sangamo Therapeu in search of a potential trend change.

Keywords: bearish inside day candle sangamo therapeu

Ticker(s): SGMO