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

By James Quinn

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 $10.05 and $10.37 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 $7.00 to $20.25 and closed yesterday at $10.32, 47% above that low. The 200-day and 50-day moving averages have moved 0.34% lower and 1.54% higher over the past week, respectively.

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.

There is potential upside of 116.4% for shares of Akebia Therapeut based on a current price of $10.32 and an average consensus analyst price target of $22.33. The stock should discover initial support at its 200-day moving average (MA) of $9.18 and subsequent support at its 50-day MA of $8.90.

SmarTrend recommended that its subscribers protect gains by selling shares of Akebia Therapeut on November 9th, 2017 by issuing a Downtrend alert when the shares were trading at $15.76. Since that call, shares of Akebia Therapeut have fallen 33.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle akebia therapeut

Ticker(s): AKBA