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Possible Bearish Inside Day Candle Pattern Detected for Lannett Co Inc (NYSE:LCI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lannett Co Inc (NYSE:LCI) based on the price action in the company's shares. Today's price range of $5.13 and $5.60 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 Lannett Co Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Lannett Co Inc have traded between a low of $3.33 and a high of $30.35 and are now at $5.56, which is 67% above that low price. The 200-day and 50-day moving averages have moved 2.87% lower and 1.13% lower over the past week, respectively.

Lannett Co Inc (NYSE:LCI) has potential upside of 311.1% based on a current price of $5.56 and analysts' consensus price target of $22.86. The stock should find resistance at its 200-day moving average (MA) of $12.47, as well as support at its 50-day MA of $4.55.

Lannett Company, Inc. manufactures and distributes pharmaceutical products under its own trade name and under generic names. The Company also distributes competitive pharmaceutical products manufactured by other companies. The principal products include antifungals, antacids, dermatological preparations, and analgesic sedatives.

SmarTrend is monitoring the recent change of momentum in Lannett Co Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Lannett Co Inc in search of a potential trend change.

Keywords: bearish inside day candle lannett co inc

Ticker(s): LCI