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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. Today's price range of $23.67 and $24.06 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 Array Biopharma may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Array Biopharma have traded between a low of $12.56 and a high of $24.56 and are now at $23.67, which is 88% above that low price. The 200-day and 50-day moving averages have moved 0.94% higher and 3.82% higher over the past week, respectively.

Array Biopharma (NASDAQ:ARRY) is currently priced 7.7% above its average consensus analyst price target of $21.86. Array Biopharma shares have support at the 50-day moving average (MA) of $20.19 and additional support at the 200-day MA of $16.79.

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.

SmarTrend recommended that subscribers consider buying shares of Array Biopharma on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.03. Since that recommendation, shares of Array Biopharma have risen 41.3%. We continue to monitor ARRY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Array BioPharma

Ticker(s): ARRY