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

By Nick Russo

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 $182.20 and $190.04 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.

Potential upside of 107.7% exists for Abiomed Inc, based on a current level of $183.49 and analysts' average consensus price target of $381.11. Abiomed Inc shares have support at the 200-day moving average (MA) of $182.02 and additional support at the 50-day MA of $154.79.

Over the past year, Abiomed Inc has traded in a range of $119.01 to $285.77 and closed yesterday at $183.49, 54% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has slid 1.2%.

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 recommended that subscribers consider buying shares of Abiomed Inc on March 26th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $151.16. Since that recommendation, shares of Abiomed Inc have risen 21.4%. We continue to monitor ABMD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle abiomed inc

Ticker(s): ABMD