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Possible Bullish Inside Day Candle Pattern Detected for Albany Molecular Research (NASDAQ:AMRI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Albany Molecular Research (NASDAQ:AMRI) based on the price action in the company's shares. Yesterday's price range of $12.63 and $13.08 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 Albany Molecular Research may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 85.6% exists for Albany Molecular Research, based on a current level of $12.93 and analysts' average consensus price target of $24.00. The stock should run into initial resistance at its 50-day moving average (MA) of $15.16 and subsequent resistance at its 200-day MA of $17.92.

Over the past year, Albany Molecular Research has traded in a range of $12.45 to $22.48 and closed yesterday at $12.93, 4% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has remained constant.

Albany Molecular Research, Inc., an integrated chemistry outsourcing company, offers a variety of chemistry research and development services. The Company provides its services to pharmaceutical and biotechnology companies involved in drug discovery and development. Albany offers medicinal chemistry, chemical development, analytical chemistry services, and small-scale manufacturing.

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

Keywords: bullish am inside day candle albany molecular research

Ticker(s): AMRI