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

By Amy Schwartz

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 $28.23 and $29.00 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 Spectranetics 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 Spectranetics have traded between a low of $10.65 and a high of $30.15 and closed yesterday at $28.45, which is 167% above that low price. The 200-day and 50-day moving averages have moved 1% lower and 2.87% higher over the past week, respectively.

There is potential upside of 7.0% for shares of Spectranetics based on a current price of $28.45 and an average consensus analyst price target of $30.45. The stock should find initial support at its 50-day moving average (MA) of $15.57 and further support at its 200-day MA of $14.53.

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.

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