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Possible Bullish Inside Day Candle Pattern Detected for Regeneron Pharm (NASDAQ:REGN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Regeneron Pharm (NASDAQ:REGN) based on the price action in the company's shares. Yesterday's price range of $300.64 and $304.53 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 Regeneron Pharm may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Regeneron Pharm has overhead space with shares priced $299.60, or 18.7% below the average consensus analyst price target of $368.55. The stock should find initial resistance at its 50-day moving average (MA) of $344.65 and further resistance at its 200-day MA of $377.86.

In the past 52 weeks, Regeneron Pharm share prices have been bracketed by a low of $281.89 and a high of $445.00 and closed yesterday at $299.60, 6% above that low price. The 200-day and 50-day moving averages have moved 0.35% lower and 2.21% lower over the past week, respectively.

Regeneron Pharmaceuticals, Inc. is a biopharmaceutical company. The Company discovers, develops, and commercializes pharmaceutical products for the treatment of serious medical conditions. Regeneron Pharmaceuticals serves the healthcare sector in the United States.

SmarTrend recommended that its subscribers protect gains by selling shares of Regeneron Pharm on March 8th, 2019 by issuing a Downtrend alert when the shares were trading at $403.55. Since that call, shares of Regeneron Pharm have fallen 25.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle regeneron pharm

Ticker(s): REGN