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Possible Bullish Inside Day Candle Pattern Detected for Macrogenics Inc (NASDAQ:MGNX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Macrogenics Inc (NASDAQ:MGNX) based on the price action in the company's shares. Yesterday's price range of $17.45 and $17.60 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 Macrogenics Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

MacroGenics, Inc. develops novel biologics. The Company specializes in treatments for autoimmune disorders, cancer, and infectious diseases. MacroGenics serves the healthcare industry in the United States.

Over the past year, Macrogenics Inc has traded in a range of $9.87 to $32.74 and closed yesterday at $17.49, 77% above that low. The 200-day and 50-day moving averages have moved 0.38% lower and 1.87% higher over the past week, respectively.

Macrogenics Inc (NASDAQ:MGNX) has potential upside of 81.1% based on a current price of $17.49 and analysts' consensus price target of $31.67. The stock should run into initial resistance at its 200-day moving average (MA) of $18.50 and subsequent resistance at its 50-day MA of $19.64.

SmarTrend is tracking the current trend status for Macrogenics Inc and will alert subscribers who have MGNX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle macrogenics inc

Ticker(s): MGNX