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Possible Bearish Inside Day Candle Pattern Detected for Pacific Bioscien (NASDAQ:PACB)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pacific Bioscien (NASDAQ:PACB) based on the price action in the company's shares. Yesterday's price range of $3.17 and $3.50 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 Pacific Bioscien may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Pacific Bioscien share prices have been bracketed by a low of $2.20 and a high of $7.50 and closed yesterday at $3.28, 49% above that low price. The 200-day and 50-day moving averages have moved 1.81% lower and 3.87% lower over the past week, respectively.

Pacific Biosciences of California Inc. designs, develops, and manufactures sequencing systems to help scientists resolve genetically complex problems. The Company offers Single Molecule and Real-Time (SMRT) technology that enables real-time analysis of biomolecules with single molecule resolution.

Pacific Bioscien (NASDAQ:PACB) has potential upside of 18.1% based on a current price of $3.28 and analysts' consensus price target of $3.88. The stock should find initial resistance at its 50-day moving average (MA) of $3.97 and further resistance at its 200-day MA of $5.05.

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

Keywords: bearish am inside day candle pacific bioscien

Ticker(s): PACB