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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ligand Pharmaceuticals (NASDAQ:LGND) based on the price action in the company's shares. Yesterday's price range of $113.31 and $114.93 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 Pharmaceuticals may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Ligand Pharmaceuticals (NASDAQ:LGND) has potential upside of 9.2% based on a current price of $114.09 and analysts' consensus price target of $124.60. The stock should find initial support at its 50-day moving average (MA) of $110.59 and further support at its 200-day MA of $100.59.

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, certain cancers, as well as cardiovascular, inflammatory, and skin diseases.

Ligand Pharmaceuticals share prices have moved between a 52-week high of $139.79 and a 52-week low of $71.63 and closed yesterday at 59% above that low price at $114.09 per share. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 2.1%.

SmarTrend recommended that subscribers consider buying shares of Ligand Pharmaceuticals on March 10th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $108.63. Since that recommendation, shares of Ligand Pharmaceuticals have risen 5.9%. We continue to monitor LGND for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle ligand pharmaceuticals

Ticker(s): LGND