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

By Amy Schwartz

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. Yesterday's price range of $10.70 and $11.29 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 Ironwood Pharmac may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

There is potential upside of 73.7% for shares of Ironwood Pharmac based on a current price of $11.15 and an average consensus analyst price target of $19.36. Ironwood Pharmac shares should first meet resistance at the 50-day moving average (MA) of $12.08 and find additional resistance at the 200-day MA of $14.15.

In the past 52 weeks, shares of Ironwood Pharmac have traded between a low of $9.07 and a high of $21.20 and closed yesterday at $11.15, which is 23% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.2% while the 200-day MA has slid 0.9%.

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

Keywords: bearish am inside day candle ironwood pharmac

Ticker(s): IRWD