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Possible Bullish Inside Day Candle Pattern Detected for Chimerix Inc (NASDAQ:CMRX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Chimerix Inc (NASDAQ:CMRX) based on the price action in the company's shares. Yesterday's price range of $1.90 and $1.96 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 Chimerix Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Chimerix, Inc. operates as as biopharmaceutical company. The Company develops oral antiviral therapeutics with the potential to transform patient care in multiple settings including transplant, oncology, acute care, and global health. Chimerix serves patients in the United States.

Potential upside of 264.6% exists for Chimerix Inc, based on a current level of $1.92 and analysts' average consensus price target of $7.00. The stock should hit resistance at its 200-day moving average (MA) of $2.58, as well as support at its 50-day MA of $1.86.

In the past 52 weeks, shares of Chimerix Inc have traded between a low of $1.25 and a high of $4.38 and closed yesterday at $1.92, which is 54% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.3% while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Chimerix Inc on November 12th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $1.76. Since that recommendation, shares of Chimerix Inc have risen 7.7%. We continue to monitor CMRX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle chimerix inc

Ticker(s): CMRX