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Possible Bearish Inside Day Candle Pattern Detected for Sarepta Therapeu (NASDAQ:SRPT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sarepta Therapeu (NASDAQ:SRPT) based on the price action in the company's shares. Yesterday's price range of $88.07 and $91.00 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 Sarepta Therapeu may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Sarepta Therapeu has overhead space with shares priced $89.08, or 11.0% below the average consensus analyst price target of $100.08. The stock should find initial resistance at its 200-day moving average (MA) of $125.05 and further resistance at its 50-day MA of $130.39.

Sarepta Therapeutics, Inc. is a biopharmaceutical company focused on the discovery and development of unique RNA-based therapeutics for the treatment of both rare and infectious diseases. The Company offers its products to the medical industry in countries around the world.

Sarepta Therapeu share prices have moved between a 52-week high of $165.87 and a 52-week low of $84.48 and closed yesterday at 5% above that low price at $89.08 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.4% while the 200-day MA has slid 0.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of Sarepta Therapeu on July 23rd, 2019 by issuing a Downtrend alert when the shares were trading at $143.68. Since that call, shares of Sarepta Therapeu have fallen 36.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle sarepta therapeu

Ticker(s): SRPT