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Possible Bullish Inside Day Candle Pattern Detected for Momenta Pharmace (NASDAQ:MNTA)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Momenta Pharmace (NASDAQ:MNTA) based on the price action in the company's shares. Yesterday's price range of $19.19 and $19.88 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 Momenta Pharmace may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Based on a current price of $19.67, Momenta Pharmace is currently 9.5% above its average consensus analyst price target of $17.80. The stock should find initial support at its 50-day moving average (MA) of $16.71 and further support at its 200-day MA of $13.78.

Momenta Pharmaceuticals, Inc. operates as a biopharmaceutical company. The Company specializes in sequencing and engineering of complex sugars for the development of improved versions of existing and novel drugs and the discovery of new biological processes. Momenta also develops technology-enabled generic products.

Momenta Pharmace share prices have moved between a 52-week high of $20.94 and a 52-week low of $9.51 and closed yesterday at 107% above that low price at $19.67 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 2.2%.

SmarTrend recommended that subscribers consider buying shares of Momenta Pharmace on October 28th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $15.03. Since that recommendation, shares of Momenta Pharmace have risen 30.9%. We continue to monitor MNTA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle momenta pharmace

Ticker(s): MNTA