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Possible Bearish Inside Day Candle Pattern Detected for Cara Therapeutic (NASDAQ:CARA)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cara Therapeutic (NASDAQ:CARA) based on the price action in the company's shares. Yesterday's price range of $12.32 and $12.56 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 Cara Therapeutic may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cara Therapeutics, Inc. develops therapeutics. The Company offers novel drugs for the treatment of human diseases associated with pain and inflammation. Cara Therapeutics serves customers in the United States.

Cara Therapeutic share prices have moved between a 52-week high of $28.50 and a 52-week low of $4.35 and closed yesterday at 185% above that low price at $12.38 per share. Over the past week, the 200-day moving average (MA) has gone down 1.4% while the 50-day MA has declined 1.8%.

Cara Therapeutic (NASDAQ:CARA) has potential upside of 95.5% based on a current price of $12.38 and analysts' consensus price target of $24.20. The stock should find resistance at its 200-day moving average (MA) of $13.24, as well as support at its 50-day MA of $6.15.

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

Keywords: bearish am inside day candle cara therapeutic

Ticker(s): CARA