• Return to Headlines

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

By Amy Schwartz

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 $67.06 and $68.28 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.

In the past 52 weeks, Celgene Corp share prices have been bracketed by a low of $66.63 and a high of $110.81 and closed yesterday at $67.54, 1% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 1.5%.

There is potential upside of 67.4% for shares of Celgene Corp based on a current price of $67.54 and an average consensus analyst price target of $113.09. The stock should find initial resistance at its 50-day moving average (MA) of $80.34 and further resistance at its 200-day MA of $85.11.

SmarTrend recommended that its subscribers protect gains by selling shares of Celgene Corp on September 11th, 2018 by issuing a Downtrend alert when the shares were trading at $87.66. Since that call, shares of Celgene Corp have fallen 22.9%. 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