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Possible Bearish Inside Day Candle Pattern Detected for Ironwood Pharmac (NASDAQ:IRWD)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ironwood Pharmac (NASDAQ:IRWD) based on the price action in the company's shares. Today's price range of $10.38 and $10.55 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 Ironwood Pharmac may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 86.5% exists for Ironwood Pharmac, based on a current level of $10.38 and analysts' average consensus price target of $19.36. The stock should find initial resistance at its 50-day moving average (MA) of $12.81 and further resistance at its 200-day MA of $14.60.

In the past 52 weeks, shares of Ironwood Pharmac have traded between a low of $9.07 and a high of $21.20 and are now at $10.38, which is 14% above that low price. The 200-day and 50-day moving averages have moved 1.03% lower and 1.72% lower over the past week, respectively.

Ironwood Pharmaceuticals, Inc. is a pharmaceutical company. The Company discovers, develops, manufactures, and commercializes marketed drugs. Ironwood products used in treatments of cholesterol, gastrointestinal and cardiovascular diseases, pain, inflammation, and others.

SmarTrend recommended that its subscribers protect gains by selling shares of Ironwood Pharmac on March 28th, 2019 by issuing a Downtrend alert when the shares were trading at $12.77. Since that call, shares of Ironwood Pharmac have fallen 16.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle ironwood pharmac

Ticker(s): IRWD