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Possible Bearish Inside Day Candle Pattern Detected for Glaukos Corp (NYSE:GKOS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Glaukos Corp (NYSE:GKOS) based on the price action in the company's shares. Yesterday's price range of $63.28 and $64.27 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 Glaukos Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $63.71, Glaukos Corp is currently 38.8% above its average consensus analyst price target of $39.00. The stock should run into initial resistance at its 50-day moving average (MA) of $63.95 and subsequent resistance at its 200-day MA of $69.47.

Glaukos Corporation operates as an ophthalmic medical technology company. The Company develops, manufactures, and markets medical devices for the treatment of glaucoma. Glaukos offers micro-scale injectable therapies designed to address the complete range of glaucoma disease states and progression.

Glaukos Corp share prices have moved between a 52-week high of $84.65 and a 52-week low of $50.60 and closed yesterday at 26% above that low price at $63.71 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.9%.

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

Keywords: bearish am inside day candle glaukos corp

Ticker(s): GKOS