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Possible Bullish Inside Day Candle Pattern Detected for Clovis Oncology (NASDAQ:CLVS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Clovis Oncology (NASDAQ:CLVS) based on the price action in the company's shares. Yesterday's price range of $3.18 and $3.34 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 Clovis Oncology may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Clovis Oncology Inc. is a biopharmaceutical company. The Company is focused on acquiring, developing, and commercializing innovative anti-cancer agents in the United States, Europe and additional international markets. Clovis target its development programs for the treatment of specific subsets of cancer populations.

Clovis Oncology (NASDAQ:CLVS) has potential upside of 2,302.8% based on a current price of $3.27 and analysts' consensus price target of $78.57. Clovis Oncology shares should first meet resistance at the 50-day moving average (MA) of $4.49 and find additional resistance at the 200-day MA of $15.31.

In the past 52 weeks, shares of Clovis Oncology have traded between a low of $2.93 and a high of $32.05 and closed yesterday at $3.27, which is 12% above that low price. The 200-day and 50-day moving averages have moved 3.22% lower and 4.37% lower over the past week, respectively.

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

Keywords: bullish am inside day candle clovis oncology

Ticker(s): CLVS