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

By Nick Russo

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 $18.22 and $18.57 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.

There is potential upside of 4.9% for shares of Ironwood Pharmac based on a current price of $18.46 and an average consensus analyst price target of $19.36. The stock should find initial support at its 50-day moving average (MA) of $17.55 and further support at its 200-day MA of $15.87.

Over the past year, Ironwood Pharmac has traded in a range of $12.89 to $19.94 and is now at $18.46, 43% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.5%.

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 subscribers consider buying shares of Ironwood Pharmac on February 15th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $15.37. Since that recommendation, shares of Ironwood Pharmac have risen 20.9%. We continue to monitor IRWD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle ironwood pharmac

Ticker(s): IRWD