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Possible Bullish Inside Day Candle Pattern Detected for Seattle Genetics (NASDAQ:SGEN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Seattle Genetics (NASDAQ:SGEN) based on the price action in the company's shares. Yesterday's price range of $65.86 and $66.85 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 Seattle Genetics may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Seattle Genetics has traded in a range of $47.75 to $84.37 and closed yesterday at $66.48, 39% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.0%.

Seattle Genetics, Inc. discovers and develops monoclonal antibody-based drugs to treat cancer and related diseases. The Company's technologies increase the potency and efficacy of monoclonal antibodies with specificity for cancer.

Seattle Genetics (NASDAQ:SGEN) is currently priced 2.1% above its average consensus analyst price target of $65.09. The stock should hit resistance at its 200-day moving average (MA) of $66.58, as well as support at its 50-day MA of $65.20.

SmarTrend is monitoring the recent change of momentum in Seattle Genetics. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Seattle Genetics in search of a potential trend change.

Keywords: bullish am inside day candle seattle genetics

Ticker(s): SGEN