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Possible Bearish Inside Day Candle Pattern Detected for Achillion Pharma (NASDAQ:ACHN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Achillion Pharma (NASDAQ:ACHN) based on the price action in the company's shares. Yesterday's price range of $2.95 and $2.99 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 Achillion Pharma may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Achillion Pharmaceuticals Inc. is a biopharmaceutical company that discovers and develops solutions for infectious diseases such as HIV, hepatitis, and resistant bacterial infections.

In the past 52 weeks, shares of Achillion Pharma have traded between a low of $1.29 and a high of $4.34 and closed yesterday at $3.01, which is 133% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 5.3%.

Achillion Pharma (NASDAQ:ACHN) has potential upside of 82.7% based on a current price of $3.01 and analysts' consensus price target of $5.50. Achillion Pharma shares have support at the 200-day moving average (MA) of $2.78 and additional support at the 50-day MA of $2.33.

SmarTrend recommended that subscribers consider buying shares of Achillion Pharma on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $1.90. Since that recommendation, shares of Achillion Pharma have risen 60.0%. We continue to monitor ACHN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle achillion pharma

Ticker(s): ACHN