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Possible Bullish Inside Day Candle Pattern Detected for Puma Biotechnolo (NASDAQ:PBYI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Puma Biotechnolo (NASDAQ:PBYI) based on the price action in the company's shares. Yesterday's price range of $7.67 and $7.97 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 Puma Biotechnolo 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 Puma Biotechnolo have traded between a low of $6.26 and a high of $43.90 and closed yesterday at $7.88, which is 26% above that low price. Over the past week, the 200-day moving average (MA) has gone down 2.5% while the 50-day MA has declined 2.9%.

Puma Biotechnolo has overhead space with shares priced $7.88, or 91.6% below the average consensus analyst price target of $93.50. The stock should find initial resistance at its 50-day moving average (MA) of $8.62 and further resistance at its 200-day MA of $17.84.

Puma Biotechnology, Inc. is a development-stage biopharmaceutical company. The Company develops novel therapeutics for the treatment of various forms of cancer. Puma focuses on in-licensing drug candidates that are undergoing or have already completed initial clinical testing for the treatment of cancer and then seeks to further develop those drug candidates for commercial use.

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

Keywords: bullish am inside day candle puma biotechnolo

Ticker(s): PBYI