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Possible Bullish Inside Day Candle Pattern Detected for Coherus Bioscien (NASDAQ:CHRS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Coherus Bioscien (NASDAQ:CHRS) based on the price action in the company's shares. Yesterday's price range of $18.50 and $18.91 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. Traders and investors interested in shares of Coherus Bioscien may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Coherus Bioscien share prices have been bracketed by a low of $8.34 and a high of $23.80 and closed yesterday at $18.82, 126% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1% while the 200-day MA has risen 0.8%.

Coherus Biosciences, Inc. operates as a biopharmaceutical company. The Company develops biosimilar therapeutics to aid patients.

Potential upside of 59.4% exists for Coherus Bioscien, based on a current level of $18.82 and analysts' average consensus price target of $30.00. The stock should find resistance at its 50-day moving average (MA) of $19.24, as well as support at its 200-day MA of $17.85.

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

Keywords: bullish am inside day candle coherus bioscien

Ticker(s): CHRS