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

By Shiri Gupta

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. Yesterday's price range of $18.80 and $19.18 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 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.

In the past 52 weeks, Omeros Corp share prices have been bracketed by a low of $10.30 and a high of $27.00 and closed yesterday at $19.05, 85% above that low price. The 200-day and 50-day moving averages have moved 0.76% higher and 1.77% higher over the past week, respectively.

Omeros Corp has overhead space with shares priced $19.05, or 50.2% below the average consensus analyst price target of $38.25. The stock should find initial support at its 50-day moving average (MA) of $17.14 and further support at its 200-day MA of $16.06.

SmarTrend recommended that subscribers consider buying shares of Omeros Corp on August 9th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.68. Since that recommendation, shares of Omeros Corp have risen 8.9%. We continue to monitor OMER for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle omeros corp

Ticker(s): OMER