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Possible Bearish Inside Day Candle Pattern Detected for Vertex Pharmaceuticals (NASDAQ:VRTX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Vertex Pharmaceuticals (NASDAQ:VRTX) based on the price action in the company's shares. Yesterday's price range of $83.40 and $86.23 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 Vertex Pharmaceuticals may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Vertex Pharmaceuticals has overhead space with shares priced $84.34, or 42.5% below the average consensus analyst price target of $146.65. The stock should run into initial resistance at its 50-day moving average (MA) of $84.71 and subsequent resistance at its 200-day MA of $109.90.

Vertex Pharmaceuticals share prices have moved between a 52-week high of $143.45 and a 52-week low of $75.90 and closed yesterday at 11% above that low price at $84.34 per share. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has remained constant.

Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes novel, small molecule pharmaceuticals for the treatment of diseases for which there are currently limited or no effective treatments. The Company is developing drugs for the treatment of viral diseases, multidrug resistance in cancer, inflammatory and autoimmune diseases, and neurodegenerative diseases.

SmarTrend is tracking the current trend status for Vertex Pharmaceuticals and will alert subscribers who have VRTX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle Vertex Pharmaceuticals

Ticker(s): VRTX