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Possible Bearish Inside Day Candle Pattern Detected for Regeneron Pharmaceuticals (NASDAQ:REGN)

Published on Tue, 04/16/2013 - 07:27
By Robert Cotter

Analyzing the price chart for Regeneron Pharmaceuticals (NASDAQ:REGN) has revealed a potential bearish inside day candle pattern. Yesterday's price range of $208.18 and $215.75 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 Regeneron Pharmaceuticals may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Regeneron Pharmaceuticals has traded in a range of $42.83 to $216.20 and closed yesterday at $209.05, 388% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has risen 0.9%.

Based on a current price of $209.05, Regeneron Pharmaceuticals is currently 10.1% above its average consensus analyst price target of $188.00. The stock should discover initial support at its 50-day moving average (MA) of $174.54 and subsequent support at its 200-day MA of $158.19.

Regeneron Pharmaceuticals, Inc. is a biopharmaceutical company that discovers, develops, and commercializes pharmaceutical products for the treatment of serious medical conditions. The Company has therapeutic candidates in clinical trials for the potential treatment of cancer, eye diseases, and inflammatory diseases, and has preclinical programs in other diseases and disorders.

By Robert Cotter
rcotter@fnno.com