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Possible Bearish Inside Day Candle Pattern Detected for Ariad Pharmaceuticals (NASDAQ:ARIA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ariad Pharmaceuticals (NASDAQ:ARIA) based on the price action in the company's shares. Today's price range of $13.90 and $14.12 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 Ariad Pharmaceuticals may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Ariad Pharmaceuticals has traded in a range of $4.37 to $14.34 and is now at $13.95, 219% above that low. The 200-day and 50-day moving averages have moved 0.46% lower and 2.36% higher over the past week, respectively.

ARIAD Pharmaceuticals, Inc. discovers and develops breakthrough medicines that regulate cell signaling with small molecules. The Company is primarily focused on product candidates for targeted indications. ARIAD is developing products to treat solid tumors, to block the spread of cancer, to treat certain forms of leukemia, and to treat cancer that has spread to bone and primary bone cancers.

Ariad Pharmaceuticals (NASDAQ:ARIA) defies analysts with a current price ($13.95) 37.6% above its average consensus price target of $8.70. The stock should find initial support at its 200-day moving average (MA) of $6.57 and further support at its 50-day MA of $6.55.

SmarTrend recommended that subscribers consider buying shares of Ariad Pharmaceuticals on July 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $8.07. Since that recommendation, shares of Ariad Pharmaceuticals have risen 75.9%. We continue to monitor ARIA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle ariad pharmaceuticals

Ticker(s): ARIA