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Possible Bullish Inside Day Candle Pattern Detected for Aerie Pharmaceut (NASDAQ:AERI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Aerie Pharmaceut (NASDAQ:AERI) based on the price action in the company's shares. Yesterday's price range of $32.27 and $33.53 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 Aerie Pharmaceut may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Aerie Pharmaceuticals, Inc., an ophthalmic pharmaceutical company, focuses on the discovery, development, and commercialization of first-in-class therapies for the treatment of glaucoma and other eye diseases.

In the past 52 weeks, Aerie Pharmaceut share prices have been bracketed by a low of $32.18 and a high of $74.75 and closed yesterday at $33.13, 3% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 1.9%.

There is potential upside of 148.4% for shares of Aerie Pharmaceut based on a current price of $33.13 and an average consensus analyst price target of $82.30. Aerie Pharmaceut shares should first meet resistance at the 50-day moving average (MA) of $40.10 and find additional resistance at the 200-day MA of $45.90.

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

Keywords: bullish am inside day candle aerie pharmaceut

Ticker(s): AERI