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Possible Bullish Inside Day Candle Pattern Detected for Genomic Health I (NASDAQ:GHDX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Genomic Health I (NASDAQ:GHDX) based on the price action in the company's shares. Yesterday's price range of $53.67 and $54.59 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 Genomic Health I may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Genomic Health I (NASDAQ:GHDX) defies analysts with a current price ($54.07) 36.9% above its average consensus price target of $34.09. The stock should find initial resistance at its 50-day moving average (MA) of $64.77 and further resistance at its 200-day MA of $68.33.

Genomic Health, Inc. is a life science company focused on the development and commercialization of genomic-based clinical diagnostic tests for cancer. The Company's diagnostic services provide information on the likelihood of disease recurrence and response to certain types of therapy.

Genomic Health I share prices have moved between a 52-week high of $92.18 and a 52-week low of $36.94 and closed yesterday at 46% above that low price at $54.07 per share. The 200-day and 50-day moving averages have moved 0.02% lower and 3.07% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Genomic Health I on March 6th, 2019 by issuing a Downtrend alert when the shares were trading at $75.16. Since that call, shares of Genomic Health I have fallen 28.1%. 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 genomic health i

Ticker(s): GHDX