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Possible Bearish Inside Day Candle Pattern Detected for Alder Biopharmac (NASDAQ:ALDR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Alder Biopharmac (NASDAQ:ALDR) based on the price action in the company's shares. Today's price range of $13.59 and $13.59 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 Alder Biopharmac may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 78.1% for shares of Alder Biopharmac based on a current price of $13.59 and an average consensus analyst price target of $24.20. The stock should hit resistance at its 200-day moving average (MA) of $14.50, as well as support at its 50-day MA of $13.40.

In the past 52 weeks, shares of Alder Biopharmac have traded between a low of $9.44 and a high of $20.87 and are now at $13.59, which is 44% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has slid 0.2%.

Alder Biopharmaceuticals, Inc. provides pharmaceutical products and services. The Company identifies, develops, and manufactures antibody therapeutics to alleviate human suffering in cancer, pain, cardiovascular, and autoimmune and inflammatory disease areas. Alder Biopharmaceuticals operates in the United States.

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

Keywords: bearish inside day candle alder biopharmac

Ticker(s): ALDR