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Possible Bearish Inside Day Candle Pattern Detected for T2 Biosystems (NASDAQ:TTOO)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in T2 Biosystems (NASDAQ:TTOO) based on the price action in the company's shares. Today's price range of $2.86 and $2.86 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 T2 Biosystems 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, T2 Biosystems share prices have been bracketed by a low of $2.47 and a high of $9.98 and are now at $2.86, 16% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 2% while the 200-day MA has slid 2%.

T2 Biosystems (NASDAQ:TTOO) has potential upside of 190.2% based on a current price of $2.86 and analysts' consensus price target of $8.30. The stock should find initial resistance at its 50-day moving average (MA) of $3.46 and further resistance at its 200-day MA of $5.33.

T2 Biosystems, Inc. develops direct detection products for diagnostic applications. The Company offers diagnostic instrument for detection of infectious diseases in blood, plasma, serum, saliva, sputum, and urine. T2 Biosystems operates in the United States.

SmarTrend recommended that its subscribers protect gains by selling shares of T2 Biosystems on March 6th, 2019 by issuing a Downtrend alert when the shares were trading at $3.44. Since that call, shares of T2 Biosystems have fallen 15.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle t2 biosystems

Ticker(s): TTOO