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Possible Bearish Inside Day Candle Pattern Detected for Ligand Pharm (NASDAQ:LGND)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ligand Pharm (NASDAQ:LGND) based on the price action in the company's shares. Yesterday's price range of $113.18 and $114.39 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 Ligand Pharm may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Ligand Pharmaceuticals Incorporated develops drugs which regulate hormone activated intracellular receptors. These receptors play a role in regulating the genetic processes affecting diseases such as gynecological disorders and certain cancers, as well as cardiovascular, inflammatory, and skin diseases.

Ligand Pharm (NASDAQ:LGND) has potential upside of 48.7% based on a current price of $113.74 and analysts' consensus price target of $169.17. The stock should run into initial resistance at its 50-day moving average (MA) of $120.59 and subsequent resistance at its 200-day MA of $157.18.

Over the past year, Ligand Pharm has traded in a range of $98.56 to $278.62 and closed yesterday at $113.74, 15% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 0.6%.

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

Keywords: bearish am inside day candle ligand pharm

Ticker(s): LGND