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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Vertex Pharm (NASDAQ:VRTX) based on the price action in the company's shares. Yesterday's price range of $231.54 and $237.37 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 Vertex Pharm may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Vertex Pharm (NASDAQ:VRTX) is currently priced 17.4% above its average consensus analyst price target of $191.59. The stock should find initial support at its 50-day moving average (MA) of $230.80 and further support at its 200-day MA of $195.23.

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.

Vertex Pharm share prices have moved between a 52-week high of $249.85 and a 52-week low of $163.68 and closed yesterday at 42% above that low price at $232.04 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has risen 0.5%.

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: bullish am inside day candle vertex pharm

Ticker(s): VRTX