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Possible Bearish Inside Day Candle Pattern Detected for Vertex Pharm (NASDAQ:VRTX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Vertex Pharm (NASDAQ:VRTX) based on the price action in the company's shares. Yesterday's price range of $171.76 and $172.24 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 Vertex Pharm may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes pharmaceutical products. The Company develops drugs for the treatment of cystic fibrosis, cancer, inflammatory bowel, autoimmune disease, and neurological disorders. Vertex Pharmaceuticals serves the healthcare sector internationally.

There is potential upside of 11.5% for shares of Vertex Pharm based on a current price of $171.79 and an average consensus analyst price target of $191.59. Vertex Pharm shares should first meet resistance at the 50-day moving average (MA) of $177.14 and find additional resistance at the 200-day MA of $178.28.

In the past 52 weeks, Vertex Pharm share prices have been bracketed by a low of $144.07 and a high of $195.81 and closed yesterday at $171.79, 19% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.7%.

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

Keywords: bearish am inside day candle vertex pharm

Ticker(s): VRTX