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Possible Bullish Inside Day Candle Pattern Detected for Ultragenyx Pharm (NASDAQ:RARE)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ultragenyx Pharm (NASDAQ:RARE) based on the price action in the company's shares. Yesterday's price range of $37.82 and $38.99 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 Ultragenyx Pharm 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, Ultragenyx Pharm share prices have been bracketed by a low of $37.07 and a high of $90.98 and closed yesterday at $38.32, 3% above that low price. The 200-day and 50-day moving averages have moved 0.45% lower and 3.21% lower over the past week, respectively.

Ultragenyx Pharmaceutical Inc. provides biotechnology services. The Company develops therapeutics and sialic acid for treating metabolic, body myopathy, glucuronidase, and rare genetic diseases. Ultragenyx Pharmaceutical conducts its business in the United States.

Potential upside of 77.0% exists for Ultragenyx Pharm, based on a current level of $38.32 and analysts' average consensus price target of $67.83. Ultragenyx Pharm shares should first meet resistance at the 50-day moving average (MA) of $43.81 and find additional resistance at the 200-day MA of $56.98.

SmarTrend is tracking the current trend status for Ultragenyx Pharm and will alert subscribers who have RARE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle ultragenyx pharm

Ticker(s): RARE