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Possible Bearish Inside Day Candle Pattern Detected for Veracyte Inc (NASDAQ:VCYT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Veracyte Inc (NASDAQ:VCYT) based on the price action in the company's shares. Yesterday's price range of $18.80 and $19.12 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 Veracyte Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $18.98, Veracyte Inc is currently 48.6% above its average consensus analyst price target of $9.75. Veracyte Inc shares have support at the 50-day moving average (MA) of $14.23 and additional support at the 200-day MA of $11.03.

Veracyte Inc share prices have moved between a 52-week high of $19.20 and a 52-week low of $5.23 and closed yesterday at 263% above that low price at $18.98 per share. Over the past week, the 200-day moving average (MA) has gone up 1.8% while the 50-day MA has advanced 2.4%.

Veracyte, Inc. develops molecular tests for oncology. The Company offers molecular cytology and tests for the diagnostic accuracy of cytology samples. Veracyte provides its products and services to healthcare and molecular diagnostic companies in the United States.

SmarTrend recommended that subscribers consider buying shares of Veracyte Inc on January 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.02. Since that recommendation, shares of Veracyte Inc have risen 36.9%. We continue to monitor VCYT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle veracyte inc

Ticker(s): VCYT