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Possible Bearish Inside Day Candle Pattern Detected for Abiomed Inc (NASDAQ:ABMD)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Abiomed Inc (NASDAQ:ABMD) based on the price action in the company's shares. Yesterday's price range of $138.36 and $145.95 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. Owners of Abiomed Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Abiomed Inc has traded in a range of $132.13 to $348.27 and closed yesterday at $140.51, 6% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.4% while the 200-day MA has slid 1.2%.

There is potential upside of 171.2% for shares of Abiomed Inc based on a current price of $140.51 and an average consensus analyst price target of $381.11. The stock should find initial resistance at its 50-day moving average (MA) of $168.87 and further resistance at its 200-day MA of $197.47.

ABIOMED, Inc. develops, manufactures, and markets cardiovascular products. The Company develops technologies designed to assist and replace the pumping function of the heart. Abiomed's products and services are used by health care professionals in worldwide.

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

Keywords: bearish am inside day candle abiomed inc

Ticker(s): ABMD