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

By Shiri Gupta

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. Today's price range of $183.68 and $190.04 is within yesterday'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.

Abiomed Inc (NASDAQ:ABMD) has potential upside of 104.9% based on a current price of $186.00 and analysts' consensus price target of $381.11. Abiomed Inc shares have support at the 200-day moving average (MA) of $182.40 and additional support at the 50-day MA of $154.48.

In the past 52 weeks, shares of Abiomed Inc have traded between a low of $119.01 and a high of $285.77 and are now at $186.00, which is 56% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has advanced 0.2%.

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 inside day candle abiomed inc

Ticker(s): ABMD