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Possible Bearish Inside Day Candle Pattern Detected for Intercept Pharma (NASDAQ:ICPT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Intercept Pharma (NASDAQ:ICPT) based on the price action in the company's shares. Yesterday's price range of $68.55 and $70.77 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 Intercept Pharma may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Intercept Pharmaceuticals, Inc., a biopharmaceutical company, focuses on the development and commercialization of therapeutics in the United States, Europe, and Canada. Its lead product candidate is obeticholic acid (OCA), a bile acid analog, which has a structure based on a naturally occurring human bile acid that selectively binds to and activates the farnesoid X receptor (FXR).

Potential upside of 68.4% exists for Intercept Pharma, based on a current level of $68.64 and analysts' average consensus price target of $115.62. The stock should find initial resistance at its 50-day moving average (MA) of $80.79 and further resistance at its 200-day MA of $98.75.

Over the past year, Intercept Pharma has traded in a range of $68.01 to $133.74 and closed yesterday at $68.64, 1% above that low. The 200-day and 50-day moving averages have moved 1.37% lower and 2.22% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Intercept Pharma on April 12th, 2019 by issuing a Downtrend alert when the shares were trading at $98.45. Since that call, shares of Intercept Pharma have fallen 30.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle intercept pharma

Ticker(s): ICPT