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Possible Bearish Inside Day Candle Pattern Detected for Allergan Plc (NYSE:AGN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Allergan Plc (NYSE:AGN) based on the price action in the company's shares. Today's price range of $181.14 and $181.86 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 Allergan Plc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Allergan Plc (NYSE:AGN) has potential upside of 13.9% based on a current price of $181.82 and analysts' consensus price target of $207.05. Allergan Plc shares have support at the 50-day moving average (MA) of $169.50 and additional support at the 200-day MA of $152.35.

In the past 52 weeks, shares of Allergan Plc have traded between a low of $114.27 and a high of $183.79 and are now at $181.82, which is 59% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.8%.

Allergan plc manufactures specialty pharmaceuticals. The Company develops, manufactures, and distributes generic, brand, and over-the-counter products. Allergan offers its pharmaceutical drugs around the world.

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

Keywords: bearish inside day candle allergan plc

Ticker(s): AGN