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Possible Bullish Inside Day Candle Pattern Detected for Revance Therapeu (NASDAQ:RVNC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Revance Therapeu (NASDAQ:RVNC) based on the price action in the company's shares. Yesterday's price range of $15.96 and $16.52 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 Revance Therapeu 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, Revance Therapeu share prices have been bracketed by a low of $12.35 and a high of $28.30 and closed yesterday at $16.31, 32% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 2.4%.

Revance Therapeutics, Inc. produces biopharmaceutical products. The Company develops drug delivery and treatments for dermatology and aesthetic medicine. Revance Therapeutics serves patients and doctors throughout the United States.

Potential upside of 197.4% exists for Revance Therapeu, based on a current level of $16.31 and analysts' average consensus price target of $48.50. Revance Therapeu shares have support at the 50-day moving average (MA) of $15.09 and additional support at the 200-day MA of $13.61.

SmarTrend recommended that subscribers consider buying shares of Revance Therapeu on October 15th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.49. Since that recommendation, shares of Revance Therapeu have risen 12.6%. We continue to monitor RVNC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle revance therapeu

Ticker(s): RVNC