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

By James Quinn

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 $24.04 and $24.36 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.

In the past 52 weeks, shares of Acadia Pharmaceu have traded between a low of $12.77 and a high of $28.67 and closed yesterday at $24.04, which is 88% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.3%.

Acadia Pharmaceu has overhead space with shares priced $24.04, or 49.2% below the average consensus analyst price target of $47.29. The stock should find resistance at its 50-day moving average (MA) of $25.46, as well as support at its 200-day MA of $20.02.

SmarTrend is tracking the current trend status for Acadia Pharmaceu and will alert subscribers who have ACAD in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle acadia pharmaceu

Ticker(s): ACAD