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Possible Bullish Inside Day Candle Pattern Detected for Sorrento Therape (NASDAQ:SRNE)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sorrento Therape (NASDAQ:SRNE) based on the price action in the company's shares. Yesterday's price range of $3.32 and $3.54 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 Sorrento Therape may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Sorrento Therapeutics, Inc. is a biopharmaceutical company. The Company researches human therapeutic antibodies for the treatment of cancer, inflammation, metabolic, and infectious diseases.

Sorrento Therape (NASDAQ:SRNE) has potential upside of 752.3% based on a current price of $3.52 and analysts' consensus price target of $30.00. Sorrento Therape shares have support at the 200-day moving average (MA) of $2.73 and additional support at the 50-day MA of $1.99.

Over the past year, Sorrento Therape has traded in a range of $1.39 to $6.50 and closed yesterday at $3.52, 153% above that low. The 200-day and 50-day moving averages have moved 1.11% higher and 6.41% higher over the past week, respectively.

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

Keywords: bullish am inside day candle sorrento therape

Ticker(s): SRNE