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Possible Bearish Inside Day Candle Pattern Detected for Horizon Pharma P (NASDAQ:HZNP)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Horizon Pharma P (NASDAQ:HZNP) based on the price action in the company's shares. Today's price range of $23.15 and $23.55 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 Horizon Pharma P may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Horizon Pharma P (NASDAQ:HZNP) is currently priced 15.1% above its average consensus analyst price target of $19.80. The stock should find resistance at its 50-day moving average (MA) of $25.67, as well as support at its 200-day MA of $22.49.

Over the past year, Horizon Pharma P has traded in a range of $15.92 to $29.44 and is now at $23.32, 46% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 0.9%.

Horizon Pharma plc operates as a biopharmaceutical company. Horizon Pharma develops, acquires, and commercializes late-stage biopharmaceutical therapies for the treatment of pain and inflammation as well as specialty and orphan diseases.

SmarTrend recommended that subscribers consider buying shares of Horizon Pharma P on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.83. Since that recommendation, shares of Horizon Pharma P have risen 13.3%. We continue to monitor HZNP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle horizon pharma p

Ticker(s): HZNP