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Possible Bearish Inside Day Candle Pattern Detected for Pdl Biopharma In (NASDAQ:PDLI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pdl Biopharma In (NASDAQ:PDLI) based on the price action in the company's shares. Today's price range of $3.71 and $3.72 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 Pdl Biopharma In may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Pdl Biopharma In share prices have been bracketed by a low of $2.25 and a high of $3.82 and are now at $3.71, 65% above that low price. The 200-day and 50-day moving averages have moved 0.51% higher and 1.20% higher over the past week, respectively.

Based on a current price of $3.71, Pdl Biopharma In is currently 19.1% above its average consensus analyst price target of $3.00. The stock should find initial support at its 50-day moving average (MA) of $3.36 and further support at its 200-day MA of $2.79.

PDL BioPharma, Inc. manages a portfolio of patents and royalty assets, consisting primarily of its Queen et al. antibody humanization patents and license agreements with various biotechnology and pharmaceutical companies. The Company is focused on intellectual property asset management and acquiring new income generating assets.

SmarTrend recommended that subscribers consider buying shares of Pdl Biopharma In on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $3.13. Since that recommendation, shares of Pdl Biopharma In have risen 18.2%. We continue to monitor PDLI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle pdl biopharma in

Ticker(s): PDLI