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

By David Diaz

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. Yesterday's price range of $22.44 and $22.96 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 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.

In the past 52 weeks, Alkermes Plc share prices have been bracketed by a low of $19.36 and a high of $45.16 and closed yesterday at $22.62, 17% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 0.7%.

Alkermes Plc (NASDAQ:ALKS) has potential upside of 144.0% based on a current price of $22.62 and analysts' consensus price target of $55.18. The stock should find resistance at its 200-day moving average (MA) of $28.59, as well as support at its 50-day MA of $21.95.

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 am inside day candle alkermes plc

Ticker(s): ALKS