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Possible Bullish Inside Day Candle Pattern Detected for Celgene Corp (NASDAQ:CELG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Celgene Corp (NASDAQ:CELG) based on the price action in the company's shares. Yesterday's price range of $75.41 and $76.89 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 Celgene 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.

Celgene Corporation is a global biopharmaceutical company. The Company focuses on the discovery, development, and commercialization of therapies designed to treat cancer and immune-inflammatory related diseases.

Celgene Corp has overhead space with shares priced $76.61, or 32.3% below the average consensus analyst price target of $113.09. The stock should run into initial resistance at its 50-day moving average (MA) of $86.94 and subsequent resistance at its 200-day MA of $107.56.

In the past 52 weeks, shares of Celgene Corp have traded between a low of $74.13 and a high of $147.17 and closed yesterday at $76.61, which is 3% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has slid 0.8%.

SmarTrend recommended that its subscribers protect gains by selling shares of Celgene Corp on October 13th, 2017 by issuing a Downtrend alert when the shares were trading at $137.01. Since that call, shares of Celgene Corp have fallen 45.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle celgene corp

Ticker(s): CELG