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Possible Bearish Inside Day Candle Pattern Detected for Bluebird Bio Inc (NASDAQ:BLUE)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Bluebird Bio Inc (NASDAQ:BLUE) based on the price action in the company's shares. Today's price range of $55.60 and $57.89 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 Bluebird Bio Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Bluebird Bio, Inc. provides biotechnological products and services. The Company offers gene therapies for severe genetic disorders such as childhood cerebral adrenoleukodystrophy, neurodegenerative disorders, and beta-thalassemia. Bluebird Bio operates in the United States.

Over the past year, Bluebird Bio Inc has traded in a range of $38.95 to $147.48 and is now at $57.19, 47% above that low. The 200-day and 50-day moving averages have moved 1.12% lower and 2.49% lower over the past week, respectively.

Potential upside of 274.8% exists for Bluebird Bio Inc, based on a current level of $57.19 and analysts' average consensus price target of $214.38. Bluebird Bio Inc shares should first meet resistance at the 50-day moving average (MA) of $64.04 and find additional resistance at the 200-day MA of $92.39.

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

Keywords: bearish inside day candle bluebird bio inc

Ticker(s): BLUE