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

By David Diaz

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. Today's price range of $25.36 and $25.36 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 Veracyte 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, Veracyte Inc share prices have been bracketed by a low of $5.32 and a high of $25.81 and are now at $25.36, 377% above that low price. The 200-day and 50-day moving averages have moved 1.97% higher and 3.06% higher over the past week, respectively.

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.

Based on a current price of $25.36, Veracyte Inc is currently 61.6% above its average consensus analyst price target of $9.75. The stock should find initial support at its 50-day moving average (MA) of $19.32 and further support at its 200-day MA of $13.27.

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 83.7%. We continue to monitor VCYT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle veracyte inc

Ticker(s): VCYT