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Possible Bullish Inside Day Candle Pattern Detected for Bluebird Bio Inc (NASDAQ:BLUE)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Bluebird Bio Inc (NASDAQ:BLUE) based on the price action in the company's shares. Yesterday's price range of $80.50 and $83.48 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. Traders and investors interested in shares of Bluebird Bio Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Bluebird Bio Inc has traded in a range of $72.02 to $163.43 and closed yesterday at $81.41, 13% above that low. The 200-day and 50-day moving averages have moved 0.96% lower and 0.22% higher over the past week, respectively.

Bluebird Bio, Inc. provides biotechnological products and services. The Company offers gene therapies for severe genetic disorders such as childhood cerebral adrenoleukodystrophy, neurodegenerative disorders, and beta-thalassemia. Bluebird Bio operates in the United States.

Potential upside of 163.3% exists for Bluebird Bio Inc, based on a current level of $81.41 and analysts' average consensus price target of $214.38. The stock should run into initial resistance at its 50-day moving average (MA) of $88.09 and subsequent resistance at its 200-day MA of $108.94.

SmarTrend is tracking the current trend status for Bluebird Bio Inc and will alert subscribers who have BLUE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle bluebird bio inc

Ticker(s): BLUE