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

By Amy Schwartz

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. Yesterday's price range of $2.34 and $2.34 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 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 Oncology, Inc. is a biopharmaceutical company seeking to acquire, develop, and commercialize a diverse, risk-sensitive portfolio of in-licensed cancer drugs.

Ziopharm Oncolog share prices have moved between a 52-week high of $5.24 and a 52-week low of $1.56 and closed yesterday at 46% above that low price at $2.27 per share. The 200-day and 50-day moving averages have moved 0.81% lower and 0.75% higher over the past week, respectively.

There is potential upside of 131.3% for shares of Ziopharm Oncolog based on a current price of $2.27 and an average consensus analyst price target of $5.25. The stock should find initial resistance at its 50-day moving average (MA) of $2.63 and further resistance at its 200-day MA of $3.20.

SmarTrend is monitoring the recent change of momentum in Ziopharm Oncolog. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Ziopharm Oncolog in search of a potential trend change.

Keywords: bearish am inside day candle ziopharm oncolog

Ticker(s): ZIOP