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Possible Bearish Inside Day Candle Pattern Detected for Akebia Therapeut (NASDAQ:AKBA)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Akebia Therapeut (NASDAQ:AKBA) based on the price action in the company's shares. Yesterday's price range of $10.15 and $10.47 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 Akebia Therapeut may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Akebia Therapeutics, Inc. manufactures biopharmaceutical products. The Company develop and distributes novel therapeutics based on the biology of hypoxia inducible factor (HIF) for patients with kidney diseases. Akebia Therapeutics serves customers in the United States.

Over the past year, Akebia Therapeut has traded in a range of $7.90 to $20.25 and closed yesterday at $10.30, 30% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has slid 1%.

There is potential upside of 117.2% for shares of Akebia Therapeut based on a current price of $10.30 and an average consensus analyst price target of $22.38. The stock should find resistance at its 200-day moving average (MA) of $13.29, as well as support at its 50-day MA of $10.24.

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

Keywords: bearish am inside day candle akebia therapeut

Ticker(s): AKBA