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Possible Bearish Inside Day Candle Pattern Detected for Ani Pharmaceutic (NASDAQ:ANIP)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ani Pharmaceutic (NASDAQ:ANIP) based on the price action in the company's shares. Yesterday's price range of $75.31 and $77.60 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 Ani Pharmaceutic may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

ANI Pharmaceuticals, Inc. is an integrated specialty pharmaceutical company. The Company develops, manufactures, and markets branded and generic prescription pharmaceuticals. ANI Pharmaceuticals manufactures oral solid dose products, as well as liquid and topical products in the State of Minnesota.

Ani Pharmaceutic (NASDAQ:ANIP) defies analysts with a current price ($77.05) 2.0% above its average consensus price target of $75.50. The stock should find initial support at its 50-day moving average (MA) of $70.38 and further support at its 200-day MA of $59.69.

Over the past year, Ani Pharmaceutic has traded in a range of $36.92 to $78.35 and closed yesterday at $77.05, 109% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.6%.

SmarTrend recommended that subscribers consider buying shares of Ani Pharmaceutic on January 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $48.01. Since that recommendation, shares of Ani Pharmaceutic have risen 60.5%. We continue to monitor ANIP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle ani pharmaceutic

Ticker(s): ANIP