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Possible Bullish Inside Day Candle Pattern Detected for T2 Biosystems (NASDAQ:TTOO)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in T2 Biosystems (NASDAQ:TTOO) based on the price action in the company's shares. Yesterday's price range of $1.00 and $1.12 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 T2 Biosystems 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, T2 Biosystems has traded in a range of $0.53 to $5.38 and closed yesterday at $1.08, 104% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 1.9% while the 50-day MA has declined 4.8%.

T2 Biosystems (NASDAQ:TTOO) has potential upside of 668.5% based on a current price of $1.08 and analysts' consensus price target of $8.30. The stock should run into initial resistance at its 50-day moving average (MA) of $2.03 and subsequent resistance at its 200-day MA of $2.12.

T2 Biosystems, Inc. develops direct detection products for diagnostic applications. The Company offers diagnostic instrument for detection of infectious diseases in blood, plasma, serum, saliva, sputum, and urine. T2 Biosystems operates in the United States.

SmarTrend recommended that its subscribers protect gains by selling shares of T2 Biosystems on November 13th, 2019 by issuing a Downtrend alert when the shares were trading at $1.90. Since that call, shares of T2 Biosystems have fallen 49.5%. 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 t2 biosystems

Ticker(s): TTOO