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Possible Bullish Inside Day Candle Pattern Detected for Inovio Biomedical (AMEX:INO)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Inovio Biomedical (AMEX:INO) based on the price action in the company's shares. Yesterday's price range of $8.16 and $8.35 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 Inovio Biomedical may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 166.0% for shares of Inovio Biomedical based on a current price of $8.27 and an average consensus analyst price target of $22.00. Inovio Biomedical shares should encounter resistance at the 50-day moving average (MA) of $8.52 and support at its 200-day MA of $7.11.

Inovio Biomedical Corporation is focused on developing multiple DNA-based immunotherapies. The Company develops applications of electroporation using brief, controlled electrical pulses to increase cellular uptake of a useful biopharmaceutical.

In the past 52 weeks, Inovio Biomedical share prices have been bracketed by a low of $4.50 and a high of $11.69 and closed yesterday at $8.27, 84% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.3% while the 200-day MA has risen 0.7%.

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

Keywords: bullish am inside day candle amex:ino inovio biomedical

Ticker(s): INO