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

By Amy Schwartz

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 $16.07 and $16.09 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.

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.

Omeros Corp has overhead space with shares priced $16.09, or 57.9% below the average consensus analyst price target of $38.25. Omeros Corp shares should encounter resistance at the 200-day moving average (MA) of $17.20 and support at the 50-day MA of $13.81.

In the past 52 weeks, shares of Omeros Corp have traded between a low of $10.30 and a high of $27.00 and are now at $16.09, which is 56% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.7% while the 200-day MA has slid 0.5%.

SmarTrend recommended that subscribers consider buying shares of Omeros Corp on February 14th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.22. Since that recommendation, shares of Omeros Corp have risen 13.4%. 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