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Possible Bearish Inside Day Candle Pattern Detected for Nanostring Techn (NASDAQ:NSTG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Nanostring Techn (NASDAQ:NSTG) based on the price action in the company's shares. Yesterday's price range of $32.72 and $33.65 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 Nanostring Techn may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Nanostring Techn has traded in a range of $19.79 to $34.78 and closed yesterday at $32.89, 66% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.0%.

NanoString Technologies, Inc. develops solutions and life science tools for translational research and molecular diagnostics. The Company offers profiling technology for gene transcripts and copy number variations. NanoString technology serves customers in the United States.

Based on a current price of $32.89, Nanostring Techn is currently 64.3% above its average consensus analyst price target of $11.75. The stock should find initial support at its 50-day moving average (MA) of $28.52 and further support at its 200-day MA of $26.48.

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

Keywords: bearish am inside day candle nanostring techn

Ticker(s): NSTG