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Possible Bearish Inside Day Candle Pattern Detected for Spectranetics (NASDAQ:SPNC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Spectranetics (NASDAQ:SPNC) based on the price action in the company's shares. Yesterday's price range of $19.03 and $19.44 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 Spectranetics may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Spectranetics has traded in a range of $10.65 to $27.68 and closed yesterday at $19.25, 81% above that low. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has advanced 2.9%.

The Spectranetics Corporation develops, manufactures, markets, and distributes its technology for interventional cardiovascular therapy. The Company's CVX-300 excimer laser system is used in applications such as coronary angioplasty and the removal of pacemaker leads. Spectranetics is also developing other applica- tions in restenosis stents and peripheral vascular applications.

Spectranetics has overhead space with shares priced $19.25, or 12.1% below the average consensus analyst price target of $21.91. The stock should discover initial support at its 50-day moving average (MA) of $15.57 and subsequent support at its 200-day MA of $14.53.

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

Keywords: bearish am inside day candle spectranetics

Ticker(s): SPNC