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Possible Bearish Inside Day Candle Pattern Detected for Array Biopharma (NASDAQ:ARRY)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Array Biopharma (NASDAQ:ARRY) based on the price action in the company's shares. Yesterday's price range of $15.17 and $15.73 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 Array Biopharma may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Array BioPharma Inc. is a discovery research company, creates drug candidates. The Company provides drug discovery products and services to create, evaluate, and optimize potential drug candidates in collaboration with pharmaceutical and biotechnology companies.

In the past 52 weeks, shares of Array Biopharma have traded between a low of $3.10 and a high of $18.78 and closed yesterday at $15.36, which is 395% above that low price. The 200-day and 50-day moving averages have moved 1.74% lower and 1.24% higher over the past week, respectively.

There is potential upside of 38.2% for shares of Array Biopharma based on a current price of $15.36 and an average consensus analyst price target of $21.22. Array Biopharma shares have support at the 200-day moving average (MA) of $4.18 and additional support at the 50-day MA of $2.98.

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

Keywords: bearish am inside day candle Array BioPharma

Ticker(s): ARRY