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Possible Bullish Inside Day Candle Pattern Detected for Novavax (NASDAQ:NVAX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Novavax (NASDAQ:NVAX) based on the price action in the company's shares. Today's price range of $7.46 and $7.70 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 Novavax may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Novavax share prices have moved between a 52-week high of $15.01 and a 52-week low of $4.07 and are now trading 85% above that low price at $7.52 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.9% while the 50-day MA has remained constant.

Novavax (NASDAQ:NVAX) has potential upside of 99.7% based on a current price of $7.52 and analysts' consensus price target of $15.02. The stock should find resistance at its 200-day moving average (MA) of $7.54, as well as support at its 50-day MA of $5.17.

Novavax, Inc. is a clinical stage biotechnology company. The Company creates novel vaccines to address a broad range of infectious diseases worldwide using proprietary virus-like particle (VLP) technology.

SmarTrend recommended that subscribers consider buying shares of Novavax on May 24th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $5.45. Since that recommendation, shares of Novavax have risen 36.5%. We continue to monitor NVAX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Novavax

Ticker(s): NVAX