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Possible Bearish Inside Day Candle Pattern Detected for Seattle Genetics (NASDAQ:SGEN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Seattle Genetics (NASDAQ:SGEN) based on the price action in the company's shares. Yesterday's price range of $67.60 and $68.19 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 Seattle Genetics may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Seattle Genetics share prices have moved between a 52-week high of $84.37 and a 52-week low of $50.71 and closed yesterday at 34% above that low price at $68.04 per share. The 200-day and 50-day moving averages have moved 0.11% lower and 0.45% lower over the past week, respectively.

Seattle Genetics, Inc. discovers and develops monoclonal antibody-based drugs to treat cancer and related diseases. The Company's technologies increase the potency and efficacy of monoclonal antibodies with specificity for cancer.

Seattle Genetics (NASDAQ:SGEN) defies analysts with a current price ($68.04) 4.3% above its average consensus price target of $65.09. The stock should find initial resistance at its 200-day moving average (MA) of $69.36 and further resistance at its 50-day MA of $71.39.

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

Keywords: bearish am inside day candle seattle genetics

Ticker(s): SGEN