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Possible Bearish Inside Day Candle Pattern Detected for Tesaro Inc (NASDAQ:TSRO)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tesaro Inc (NASDAQ:TSRO) based on the price action in the company's shares. Today's price range of $27.34 and $27.94 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 Tesaro Inc 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, Tesaro Inc share prices have been bracketed by a low of $25.62 and a high of $136.45 and are now at $27.48, 7% above that low price. Over the past week, the 200-day moving average (MA) has gone down 2% while the 50-day MA has declined 2.6%.

Tesaro, Inc. develops and commercializes cancer therapeutics and supportive care products. The Company offers receptor antagonist for the prevention of chemotherapy induced nausea and vomiting. Tesaro operates in the United States.

Tesaro Inc (NASDAQ:TSRO) has potential upside of 191.8% based on a current price of $27.48 and analysts' consensus price target of $80.20. The stock should run into initial resistance at its 50-day moving average (MA) of $39.37 and subsequent resistance at its 200-day MA of $60.84.

SmarTrend recommended that its subscribers protect gains by selling shares of Tesaro Inc on July 23rd, 2018 by issuing a Downtrend alert when the shares were trading at $39.68. Since that call, shares of Tesaro Inc have fallen 29.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle tesaro inc

Ticker(s): TSRO