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

By James Quinn

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 $30.46 and $31.50 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.

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.

Nanostring Techn share prices have moved between a 52-week high of $34.78 and a 52-week low of $19.32 and closed yesterday at 59% above that low price at $30.67 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.8%.

Nanostring Techn (NASDAQ:NSTG) is currently priced 61.7% above its average consensus analyst price target of $11.75. The stock should discover initial support at its 50-day moving average (MA) of $26.24 and subsequent support at its 200-day MA of $25.92.

SmarTrend recommended that subscribers consider buying shares of Nanostring Techn on November 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.97. Since that recommendation, shares of Nanostring Techn have risen 31.7%. We continue to monitor NSTG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle nanostring techn

Ticker(s): NSTG