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Possible Bearish Inside Day Candle Pattern Detected for Sorrento Therape (NASDAQ:SRNE)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sorrento Therape (NASDAQ:SRNE) based on the price action in the company's shares. Yesterday's price range of $2.29 and $2.43 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 Sorrento Therape may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Sorrento Therape have traded between a low of $1.80 and a high of $8.65 and closed yesterday at $2.43, which is 35% above that low price. The 200-day and 50-day moving averages have moved 2.51% lower and 0.18% lower over the past week, respectively.

Sorrento Therapeutics, Inc. is a biopharmaceutical company. The Company researches human therapeutic antibodies for the treatment of cancer, inflammation, metabolic disease, and infectious disease.

Sorrento Therape (NASDAQ:SRNE) has potential upside of 1,546.1% based on a current price of $2.43 and analysts' consensus price target of $40.00. The stock should find resistance at its 200-day moving average (MA) of $4.20, as well as support at its 50-day MA of $2.23.

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

Keywords: bearish am inside day candle sorrento therape

Ticker(s): SRNE