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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 $13.81 and $14.04 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.

Ironwood Pharmac (NASDAQ:IRWD) has potential upside of 42.2% based on a current price of $13.62 and analysts' consensus price target of $19.36. Ironwood Pharmac shares should encounter resistance at the 200-day moving average (MA) of $15.66 and support at the 50-day MA of $13.61.

Ironwood Pharmac share prices have moved between a 52-week high of $21.20 and a 52-week low of $9.07 and closed yesterday at 50% above that low price at $13.62 per share. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 1.8%.

SmarTrend recommended that subscribers consider buying shares of Ironwood Pharmac on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.75. Since that recommendation, shares of Ironwood Pharmac have risen 15.9%. We continue to monitor IRWD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle ironwood pharmac

Ticker(s): IRWD