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Possible Bullish Inside Day Candle Pattern Detected for Cambrex Corp (NYSE:CBM)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cambrex Corp (NYSE:CBM) based on the price action in the company's shares. Yesterday's price range of $59.18 and $59.32 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 Cambrex Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Cambrex Corp. supplies products, services, and technologies for the Life Sciences and fine chemicals industry. The Company builds platforms for use in manufacturing small molecule Active Pharmaceutical Ingredients (APIs) and pharmaceutical intermediates including drug delivery. Cambrex's services include process & analytical development, scale-up in addition to generic APIs.

In the past 52 weeks, shares of Cambrex Corp have traded between a low of $33.80 and a high of $69.43 and closed yesterday at $59.23, which is 75% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 2.2%.

Cambrex Corp (NYSE:CBM) has potential upside of 3.0% based on a current price of $59.23 and analysts' consensus price target of $61.00. The stock should find initial support at its 50-day moving average (MA) of $47.55 and further support at its 200-day MA of $43.66.

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

Keywords: bullish am inside day candle cambrex corp

Ticker(s): CBM