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Possible Bearish Inside Day Candle Pattern Detected for Repligen Corp (NASDAQ:RGEN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Repligen Corp (NASDAQ:RGEN) based on the price action in the company's shares. Yesterday's price range of $82.36 and $84.92 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 Repligen Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Repligen Corporation is a bioprocessing company focused on the development, production and commercialization of innovative products used in the process of manufacturing biologic drugs. The Company's customers include life sciences companies, global biopharmaceutical companies, and contract manufacturers worldwide.

In the past 52 weeks, shares of Repligen Corp have traded between a low of $29.56 and a high of $99.25 and closed yesterday at $83.53, which is 183% above that low price. The 200-day and 50-day moving averages have moved 0.58% higher and 0.73% lower over the past week, respectively.

Repligen Corp (NASDAQ:RGEN) defies analysts with a current price ($83.53) 44.2% above its average consensus price target of $46.57. The stock should find initial support at its 50-day moving average (MA) of $81.96 and further support at its 200-day MA of $72.90.

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

Keywords: bearish am inside day candle repligen corp

Ticker(s): RGEN