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

By Nick Russo

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 $15.12 and $15.40 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.

Akorn Inc has overhead space with shares priced $15.19, or 40.4% below the average consensus analyst price target of $25.50. Akorn Inc shares should encounter resistance at the 200-day moving average (MA) of $26.35 and support at the 50-day MA of $14.94.

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.

In the past 52 weeks, Akorn Inc share prices have been bracketed by a low of $10.76 and a high of $33.73 and are now at $15.19, 41% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.6% while the 50-day MA has declined 2.6%.

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