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Possible Bullish Inside Day Candle Pattern Detected for Roche Holding (NASDAQ:RHHBY)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Roche Holding (NASDAQ:RHHBY) based on the price action in the company's shares. Today's price range of $30.91 and $30.99 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 Roche Holding may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Roche Holding has overhead space with shares priced $30.95, or 18.2% below the average consensus analyst price target of $37.85. The stock should find initial resistance at its 50-day moving average (MA) of $31.45 and further resistance at its 200-day MA of $33.05.

Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system.

Roche Holding share prices have moved between a 52-week high of $76.51 and a 52-week low of $29.89 and are now trading 4% above that low price at $30.95 per share. The 200-day and 50-day moving averages have moved 0.32% lower and 0.28% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Roche Holding on June 13th, 2016 by issuing a Downtrend alert when the shares were trading at $31.86. Since that call, shares of Roche Holding have fallen 3.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle roche holding

Ticker(s): RHHBY