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Possible Bearish Inside Day Candle Pattern Detected for Lexicon Pharmace (NASDAQ:LXRX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lexicon Pharmace (NASDAQ:LXRX) based on the price action in the company's shares. Yesterday's price range of $9.71 and $9.87 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 Lexicon Pharmace may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Lexicon Pharmace has overhead space with shares priced $9.81, or 53.3% below the average consensus analyst price target of $21.00. Lexicon Pharmace shares should first meet resistance at the 200-day moving average (MA) of $11.72 and find additional resistance at the 50-day MA of $12.43.

In the past 52 weeks, Lexicon Pharmace share prices have been bracketed by a low of $7.67 and a high of $19.62 and closed yesterday at $9.81, 28% above that low price. The 200-day and 50-day moving averages have moved 0.62% higher and 2.53% higher over the past week, respectively.

Lexicon Pharmaceuticals, Inc. is a biopharmaceutical company. The Company researches treatments for diabetes and obesity, cardiovascular disease, psychiatric and neurological disorders, cancer, immune system disorders, and ophthalmic disease.

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

Keywords: bearish am inside day candle lexicon pharmace

Ticker(s): LXRX