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Possible Bullish Inside Day Candle Pattern Detected for Loxo Oncology In (NASDAQ:LOXO)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Loxo Oncology In (NASDAQ:LOXO) based on the price action in the company's shares. Yesterday's price range of $234.47 and $234.51 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 Loxo Oncology In may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Loxo Oncology, Inc. researches and develops cancer drugs. The company focuses on building small molecule cancer drugs for genetically defined patient subsets.

Loxo Oncology In (NASDAQ:LOXO) is currently priced 34.0% above its average consensus analyst price target of $154.83. The stock should find initial support at its 50-day moving average (MA) of $185.25 and further support at its 200-day MA of $168.90.

In the past 52 weeks, shares of Loxo Oncology In have traded between a low of $85.21 and a high of $234.75 and closed yesterday at $234.50, which is 175% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.9% while the 50-day MA has advanced 2.9%.

SmarTrend is tracking the current trend status for Loxo Oncology In and will alert subscribers who have LOXO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle loxo oncology in

Ticker(s): LOXO