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

By Shiri Gupta

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. Today's price range of $8.45 and $8.76 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 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.

In the past 52 weeks, shares of Inovio Biomedical have traded between a low of $4.50 and a high of $11.69 and are now at $8.71, which is 94% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 3.3%.

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.

There is potential upside of 152.5% for shares of Inovio Biomedical based on a current price of $8.71 and an average consensus analyst price target of $22.00. Inovio Biomedical shares have support at the 50-day moving average (MA) of $8.52 and additional support at the 200-day MA of $7.11.

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 inside day candle amex:ino inovio biomedical

Ticker(s): INO