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

By James Quinn

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 $18.55 and $19.66 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.

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 has overhead space with shares priced $19.30, or 22.8% below the average consensus analyst price target of $25.00. The stock should find resistance at its 200-day moving average (MA) of $24.38, as well as support at its 50-day MA of $19.23.

In the past 52 weeks, Acorda Therapeut share prices have been bracketed by a low of $15.60 and a high of $36.35 and closed yesterday at $19.30, 24% 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 2.8%.

SmarTrend is monitoring the recent change of momentum in Acorda Therapeut. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Acorda Therapeut in search of a potential trend change.

Keywords: bullish am inside day candle acorda therapeut

Ticker(s): ACOR