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Possible Bearish Inside Day Candle Pattern Detected for Progenics Pharm (NASDAQ:PGNX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Progenics Pharm (NASDAQ:PGNX) based on the price action in the company's shares. Yesterday's price range of $3.48 and $3.80 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 Progenics Pharm may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Progenics Pharm has overhead space with shares priced $3.59, or 73.2% below the average consensus analyst price target of $13.40. The stock should run into initial resistance at its 50-day moving average (MA) of $4.23 and subsequent resistance at its 200-day MA of $4.88.

Progenics Pharm share prices have moved between a 52-week high of $6.37 and a 52-week low of $1.89 and closed yesterday at 90% above that low price at $3.59 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 3.1%.

Progenics Pharmaceuticals, Inc. is a biopharmaceutical company. The Company develops and distributes therapeutic products to treat the unmet medical needs of patients with debilitating conditions and life-threatening diseases. Progenics' principal programs are directed toward supportive care, virology, human immunodeficiency virus, hepatitis C virus infections, and oncology.

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

Keywords: bearish am inside day candle progenics pharm

Ticker(s): PGNX