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Possible Bullish Inside Day Candle Pattern Detected for Acorda Therapeut (NASDAQ:ACOR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Acorda Therapeut (NASDAQ:ACOR) based on the price action in the company's shares. Yesterday's price range of $24.10 and $25.30 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 Acorda Therapeut may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Acorda Therapeut have traded between a low of $13.60 and a high of $33.00 and closed yesterday at $25.05, which is 84% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 2.2%.

Acorda Therapeutics Inc. is a biotechnology company that is developing therapies for spinal cord injury and related neurological conditions, including multiple sclerosis. Additionally, Acorda is developing multiple approaches to regeneration and repair of the spinal cord and brain.

Acorda Therapeut (NASDAQ:ACOR) has potential upside of 1.3% based on a current price of $25.05 and analysts' consensus price target of $25.38. The stock should find initial resistance at its 50-day moving average (MA) of $29.11 and further resistance at its 200-day MA of $33.64.

SmarTrend recommended that subscribers consider buying shares of Acorda Therapeut on December 27th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $22.40. Since that recommendation, shares of Acorda Therapeut have risen 11.8%. We continue to monitor ACOR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle acorda therapeut

Ticker(s): ACOR