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Possible Bearish Inside Day Candle Pattern Detected for Akorn Inc (NASDAQ:AKRX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Akorn Inc (NASDAQ:AKRX) based on the price action in the company's shares. Today's price range of $2.98 and $3.05 is within yesterday'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 Akorn Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Akorn Inc share prices have been bracketed by a low of $2.88 and a high of $19.81 and are now at $2.98, 3% above that low price. The 200-day and 50-day moving averages have moved 2.24% lower and 1.38% lower over the past week, respectively.

Akorn, Inc. is a niche pharmaceutical company that develops, manufactures, and markets generic and branded prescription pharmaceuticals. The Company manufactures sterile and non-sterile dosage forms, including ophthalmics, injectables, oral liquids, topicals, inhalants, and nasal sprays. Akorn markets its products to pharmacies, physicians, hospitals, and government agencies.

There is potential upside of 755.7% for shares of Akorn Inc based on a current price of $2.98 and an average consensus analyst price target of $25.50. The stock should find initial resistance at its 50-day moving average (MA) of $3.72 and further resistance at its 200-day MA of $8.50.

SmarTrend is monitoring the recent change of momentum in Akorn Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Akorn Inc in search of a potential trend change.

Keywords: bearish inside day candle akorn inc

Ticker(s): AKRX