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Possible Bullish Inside Day Candle Pattern Detected for Celldex Therapeutics (NASDAQ:CLDX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Celldex Therapeutics (NASDAQ:CLDX) based on the price action in the company's shares. Yesterday's price range of $2.84 and $2.92 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 Celldex Therapeutics may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Celldex Therapeutics Inc., a biopharmaceutical company, uses applications of immunology to prevent and treat diseases. The Company's products treat autoimmune diseases, cardiovascular diseases, cancer, and inflammation, as well as infectious diseases and organ transplant rejection.

In the past 52 weeks, shares of Celldex Therapeutics have traded between a low of $2.81 and a high of $29.94 and closed yesterday at $2.90, which is 3% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 3.7% while the 50-day MA has declined 5.1%.

Potential upside of 124.1% exists for Celldex Therapeutics, based on a current level of $2.90 and analysts' average consensus price target of $6.50. The stock should run into initial resistance at its 50-day moving average (MA) of $4.47 and subsequent resistance at its 200-day MA of $11.72.

SmarTrend recommended that its subscribers protect gains by selling shares of Celldex Therapeutics on December 1st, 2016 by issuing a Downtrend alert when the shares were trading at $3.69. Since that call, shares of Celldex Therapeutics have fallen 23.2%. 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 celldex therapeutics

Ticker(s): CLDX