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Possible Bearish Inside Day Candle Pattern Detected for Acadia Pharmaceu (NASDAQ:ACAD)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Acadia Pharmaceu (NASDAQ:ACAD) based on the price action in the company's shares. Yesterday's price range of $26.64 and $27.17 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 Acadia Pharmaceu may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

ACADIA Pharmaceuticals Inc. operates as a biopharmaceutical company focuses on the discovery, development, and commercialization of small molecule drugs for the treatment of central nervous system disorders. The Company is currently working on the treatment of induced dysfunction in Parkinson's disease, schizophrenia, neuropathic pain, and glaucoma.

Acadia Pharmaceu (NASDAQ:ACAD) has potential upside of 77.2% based on a current price of $26.68 and analysts' consensus price target of $47.29. The stock should find initial support at its 50-day moving average (MA) of $22.62 and further support at its 200-day MA of $18.74.

In the past 52 weeks, shares of Acadia Pharmaceu have traded between a low of $12.77 and a high of $27.70 and closed yesterday at $26.68, which is 109% above that low price. Over the past week, the 200-day moving average (MA) has gone up 1.0% while the 50-day MA has advanced 4.0%.

SmarTrend recommended that subscribers consider buying shares of Acadia Pharmaceu on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.85. Since that recommendation, shares of Acadia Pharmaceu have risen 53.4%. We continue to monitor ACAD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle acadia pharmaceu

Ticker(s): ACAD