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

By David Diaz

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 $33.08 and $35.49 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.

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 has overhead space with shares priced $33.34, or 14.5% below the average consensus analyst price target of $39.00. Glaukos Corp shares should first meet resistance at the 50-day moving average (MA) of $50.97 and find additional resistance at the 200-day MA of $62.24.

In the past 52 weeks, Glaukos Corp share prices have been bracketed by a low of $23.31 and a high of $84.65 and closed yesterday at $33.34, 43% above that low price. The 200-day and 50-day moving averages have moved 1.37% lower and 4.86% lower over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Glaukos Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Glaukos Corp in search of a potential trend change.

Keywords: bearish am inside day candle glaukos corp

Ticker(s): GKOS