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Possible Bearish Inside Day Candle Pattern Detected for Retrophin Inc (NASDAQ:RTRX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Retrophin Inc (NASDAQ:RTRX) based on the price action in the company's shares. Yesterday's price range of $22.41 and $22.62 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 Retrophin Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 71.9% exists for Retrophin Inc, based on a current level of $22.50 and analysts' average consensus price target of $38.67. The stock should hit resistance at its 200-day moving average (MA) of $25.63, as well as support at its 50-day MA of $21.87.

Retrophin, Inc. is a biotechnology company focused on discovering and developing treatments for rare and life-threatening diseases. The Company is currently developing treatments for Focal Segmental Glomerulosclerosis (FSGS), Pantothenate Kinase-Associated Neurodegeneration (PKAN), Duchenne Muscular Dystrophy, and other catastrophic diseases.

Over the past year, Retrophin Inc has traded in a range of $19.77 to $33.00 and closed yesterday at $22.50, 14% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has remained constant.

SmarTrend is tracking the current trend status for Retrophin Inc and will alert subscribers who have RTRX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle retrophin inc

Ticker(s): RTRX