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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 $7.91 and $8.13 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 has overhead space with shares priced $8.02, or 61.8% below the average consensus analyst price target of $21.00. The stock should find initial resistance at its 50-day moving average (MA) of $9.95 and further 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.

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 15% above that low price at $8.02 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%.

SmarTrend recommended that its subscribers protect gains by selling shares of Halozyme Therapeutics on May 4th, 2016 by issuing a Downtrend alert when the shares were trading at $9.97. Since that call, shares of Halozyme Therapeutics have fallen 22.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle halozyme therapeutics

Ticker(s): HALO