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

By Nick Russo

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. Today's price range of $75.50 and $75.50 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 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, 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) is currently priced 13.8% above its average consensus analyst price target of $65.09. Seattle Genetics shares have support at the 50-day moving average (MA) of $68.22 and additional support at the 200-day MA of $67.96.

In the past 52 weeks, Seattle Genetics share prices have been bracketed by a low of $50.71 and a high of $84.37 and are now at $75.50, 49% above that low price. The 200-day and 50-day moving averages have moved 0.27% lower and 0.26% higher over the past week, respectively.

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

Keywords: bearish inside day candle seattle genetics

Ticker(s): SGEN