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Possible Bearish Inside Day Candle Pattern Detected for Ziopharm Oncolog (NASDAQ:ZIOP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ziopharm Oncolog (NASDAQ:ZIOP) based on the price action in the company's shares. Today's price range of $4.31 and $4.35 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 Ziopharm Oncolog may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Ziopharm Oncolog (NASDAQ:ZIOP) has potential upside of 21.8% based on a current price of $4.31 and analysts' consensus price target of $5.25. The stock should discover initial support at its 50-day moving average (MA) of $3.40 and subsequent support at its 200-day MA of $2.85.

ZIOPHARM Oncology, Inc. is a biopharmaceutical company seeking to acquire, develop, and commercialize a diverse, risk-sensitive portfolio of in-licensed cancer drugs.

In the past 52 weeks, shares of Ziopharm Oncolog have traded between a low of $1.56 and a high of $5.24 and are now at $4.31, which is 176% above that low price. The 200-day and 50-day moving averages have moved 0.63% higher and 3.83% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Ziopharm Oncolog on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $2.28. Since that recommendation, shares of Ziopharm Oncolog have risen 95.2%. We continue to monitor ZIOP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle ziopharm oncolog

Ticker(s): ZIOP