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Possible Bearish Inside Day Candle Pattern Detected for Alkermes Plc (NASDAQ:ALKS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Alkermes Plc (NASDAQ:ALKS) based on the price action in the company's shares. Today's price range of $22.75 and $22.96 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 Alkermes Plc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Alkermes PLC researches pharmaceuticals. The Company develops treatments for central nervous system disorders such as addiction, schizophrenia and depression, and diabetes.

Potential upside of 140.3% exists for Alkermes Plc, based on a current level of $22.96 and analysts' average consensus price target of $55.18. The stock should hit resistance at its 200-day moving average (MA) of $28.59, as well as support at its 50-day MA of $21.95.

Alkermes Plc share prices have moved between a 52-week high of $45.16 and a 52-week low of $19.36 and are now trading 19% above that low price at $22.96 per share. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 0.7%.

SmarTrend recommended that its subscribers protect gains by selling shares of Alkermes Plc on April 15th, 2019 by issuing a Downtrend alert when the shares were trading at $33.59. Since that call, shares of Alkermes Plc have fallen 31.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle alkermes plc

Ticker(s): ALKS