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Possible Bearish Inside Day Candle Pattern Detected for Omeros Corp (NASDAQ:OMER)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Omeros Corp (NASDAQ:OMER) based on the price action in the company's shares. Today's price range of $19.37 and $20.52 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 Omeros Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Omeros Corp has traded in a range of $8.36 to $25.20 and is now at $19.53, 134% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 0.3%.

Omeros Corporation is a biopharmaceutical company developing a pipeline of product candidates for use in orthopedics, rheumatology, urology, cardiovascular medicine, general surgery, and pain management.

There is potential upside of 95.9% for shares of Omeros Corp based on a current price of $19.53 and an average consensus analyst price target of $38.25. The stock should hit resistance at its 50-day moving average (MA) of $19.87, as well as support at its 200-day MA of $17.03.

SmarTrend recommended that subscribers consider buying shares of Omeros Corp on April 11th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.32. Since that recommendation, shares of Omeros Corp have risen 44.0%. We continue to monitor OMER for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle omeros corp

Ticker(s): OMER