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Possible Bullish Inside Day Candle Pattern Detected for Akebia Therapeut (NASDAQ:AKBA)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Akebia Therapeut (NASDAQ:AKBA) based on the price action in the company's shares. Yesterday's price range of $7.07 and $7.20 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 Akebia 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, Akebia Therapeut share prices have been bracketed by a low of $5.20 and a high of $11.60 and closed yesterday at $7.13, 37% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 1.3%.

Potential upside of 213.8% exists for Akebia Therapeut, based on a current level of $7.13 and analysts' average consensus price target of $22.38. The stock should run into initial resistance at its 50-day moving average (MA) of $7.38 and subsequent resistance at its 200-day MA of $7.87.

Akebia Therapeutics, Inc., a biopharmaceutical company, focuses on the development and commercialization of novel therapeutics for patients with renal disease through hypoxia-inducible factor (HIF) biology.

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

Keywords: bullish am inside day candle akebia therapeut

Ticker(s): AKBA