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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 $5.74 and $6.28 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.

Over the past year, Akebia Therapeut has traded in a range of $2.99 to $10.45 and closed yesterday at $5.75, 92% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.0%.

Akebia Therapeut has overhead space with shares priced $5.75, or 74.3% below the average consensus analyst price target of $22.38. The stock should find initial support at its 200-day moving average (MA) of $5.21 and further support at its 50-day MA of $4.07.

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.

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