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Possible Bullish Inside Day Candle Pattern Detected for Halozyme Therapeutics (NASDAQ:HALO)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Halozyme Therapeutics (NASDAQ:HALO) based on the price action in the company's shares. Today's price range of $9.78 and $10.01 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 Halozyme 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.

Halozyme Therapeutics share prices have moved between a 52-week high of $25.25 and a 52-week low of $6.96 and are now trading 41% above that low price at $9.80 per share. Over the past week, the 200-day moving average (MA) has gone down 2% while the 50-day MA has advanced 1.7%.

Halozyme Therapeutics (NASDAQ:HALO) has potential upside of 114.3% based on a current price of $9.80 and analysts' consensus price target of $21.00. The stock should run into initial resistance at its 50-day moving average (MA) of $9.95 and subsequent resistance at its 200-day MA of $14.16.

Halozyme Therapeutics, Inc. develops and commercializes recombinant human enzymes for the infertility, ophthalmology, and oncology communities. The Company's product portfolio is based on intellectual property covering the family of human enzymes known as hyaluronidases. Halozyme's products offer an alternative to slaughterhouse-derived extracts that carry contamination risks.

SmarTrend is monitoring the recent change of momentum in Halozyme Therapeutics. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Halozyme Therapeutics in search of a potential trend change.

Keywords: bullish inside day candle halozyme therapeutics

Ticker(s): HALO