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Possible Bearish Inside Day Candle Pattern Detected for Arrowhead Pharma (NASDAQ:ARWR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Arrowhead Pharma (NASDAQ:ARWR) based on the price action in the company's shares. Today's price range of $28.23 and $28.50 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 Arrowhead Pharma may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Arrowhead Pharmaceuticals, Inc. operates as a biotechnology company. The Company develops medicines that treat intractable diseases by silencing the genes. Arrowhead Pharmaceuticals offers its services in the United States.

Over the past year, Arrowhead Pharma has traded in a range of $10.41 to $28.84 and is now at $28.23, 171% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.5% while the 200-day MA has risen 0.7%.

Arrowhead Pharma (NASDAQ:ARWR) is currently priced 66.0% above its average consensus analyst price target of $9.60. Arrowhead Pharma shares have support at the 50-day moving average (MA) of $24.54 and additional support at the 200-day MA of $17.92.

SmarTrend recommended that subscribers consider buying shares of Arrowhead Pharma on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.17. Since that recommendation, shares of Arrowhead Pharma have risen 98.8%. We continue to monitor ARWR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle arrowhead pharma

Ticker(s): ARWR