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Possible Bearish Inside Day Candle Pattern Detected for Perrigo Co Plc (NYSE:PRGO)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Perrigo Co Plc (NYSE:PRGO) based on the price action in the company's shares. Yesterday's price range of $59.74 and $59.84 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 Perrigo Co Plc 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, Perrigo Co Plc has traded in a range of $40.68 to $60.48 and closed yesterday at $60.08, 48% 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 advanced 1.1%.

Perrigo Co Plc (NYSE:PRGO) has potential upside of 52.6% based on a current price of $60.08 and analysts' consensus price target of $91.69. The stock should discover initial support at its 50-day moving average (MA) of $54.67 and subsequent support at its 200-day MA of $51.16.

Perrigo Company PLC is a global healthcare supplier that develops, manufactures, and distributes OTC and generic prescription pharmaceuticals, infant formulas, nutritional products, active pharmaceutical ingredients and pharmaceutical and medical diagnostic products. The Company's primary markets and locations of manufacturing and logistics operations are the US, UK, Mexico, and Australia.

SmarTrend recommended that subscribers consider buying shares of Perrigo Co Plc on January 14th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $54.53. Since that recommendation, shares of Perrigo Co Plc have risen 9.9%. We continue to monitor PRGO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle perrigo co plc

Ticker(s): PRGO