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

By Shiri Gupta

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. Today's price range of $3.52 and $3.64 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 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.

In the past 52 weeks, shares of Celldex Therapeutics have traded between a low of $2.96 and a high of $29.94 and are now at $3.56, which is 20% above that low price. Over the past week, the 200-day moving average (MA) has gone down 3.7% while the 50-day MA has declined 5.1%.

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.

Potential upside of 869.3% exists for Celldex Therapeutics, based on a current level of $3.56 and analysts' average consensus price target of $34.56. Celldex Therapeutics shares should first meet resistance at the 50-day moving average (MA) of $4.47 and find additional resistance at the 200-day MA of $11.72.

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

Keywords: bullish inside day candle celldex therapeutics

Ticker(s): CLDX