Possible Bearish Inside Day Candle Pattern Detected for Odyssey Marine Exploration (NASDAQ:OMEX)

Posted on Aug 29, 2014

Analysts have spotted a possible bearish inside day candle pattern in Odyssey Marine Exploration (NASDAQ:OMEX) based on the price action in the company’s shares. Yesterday’s price range of $ 1.12 and $ 1.14 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 Odyssey Marine Exploration may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Odyssey Marine Exploration has overhead space with shares priced $ 1.13, or 83.9% below the average consensus analyst price target of $ 7.00. The stock should find initial resistance at its 50-day moving average (MA) of $ 1.36 and further resistance at its 200-day MA of $ 1.82.

Odyssey Marine Exploration share prices have moved between a 52-week high of $ 4.43 and a 52-week low of $ 1.05 and closed yesterday at 8% above that low price at $ 1.13 per share. Over the past week, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has declined 2.3%.

Odyssey Marine Exploration, Inc. specializes in shipwreck search, recovery, and marketing. The Company focuses on deep ocean shipwrecks and conducts salvage operations, cargo recovery services, and archaeological artifact finds.

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