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Possible Bullish Inside Day Candle Pattern Detected for Acceleron Pharma (NASDAQ:XLRN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Acceleron Pharma (NASDAQ:XLRN) based on the price action in the company's shares. Yesterday's price range of $43.92 and $45.38 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. Traders and investors interested in shares of Acceleron Pharma may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Acceleron Pharma share prices have moved between a 52-week high of $59.59 and a 52-week low of $37.01 and closed yesterday at 21% above that low price at $44.65 per share. The 200-day and 50-day moving averages have moved 0.3% lower and 0.88% higher over the past week, respectively.

Acceleron Pharma, Inc. provides pharmaceutical products. The Company focuses on discovering, developing, manufacturing, and marketing of protein therapeutics for cancer and orphan diseases. Acceleron Pharma serves patients throughout the United States.

Potential upside of 20.5% exists for Acceleron Pharma, based on a current level of $44.65 and analysts' average consensus price target of $53.82. The stock should discover initial support at its 50-day moving average (MA) of $43.65 and subsequent support at its 200-day MA of $43.35.

SmarTrend recommended that subscribers consider buying shares of Acceleron Pharma on July 1st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $41.88. Since that recommendation, shares of Acceleron Pharma have risen 4.8%. We continue to monitor XLRN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle acceleron pharma

Ticker(s): XLRN