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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Celgene (NASDAQ:CELG) based on the price action in the company's shares. Today's price range of $118.59 and $119.52 is within yesterday'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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Celgene have traded between a low of $92.98 and a high of $140.72 and are now at $119.47, which is 28% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has remained constant.

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.

Potential upside of 17.7% exists for Celgene, based on a current level of $119.47 and analysts' average consensus price target of $140.58. Celgene shares have support at the 200-day moving average (MA) of $112.65 and additional support at the 50-day MA of $103.40.

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

Keywords: bullish inside day candle Celgene

Ticker(s): CELG