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Possible Bullish Inside Day Candle Pattern Detected for Allergan (NYSE:AGN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Allergan (NYSE:AGN) based on the price action in the company's shares. Today's price range of $230.63 and $234.12 is within yesterday'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 Allergan may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Allergan, Inc. is a multi-specialty health care company that discovers, develops and commercializes pharmaceuticals, biologics and medical devices. The Company develops products for the ophthalmic, neurological, medical aesthetics, medical dermatology, breast aesthetics, obesity intervention, urological and other specialty markets in countries around the world.

In the past 52 weeks, Allergan share prices have been bracketed by a low of $184.50 and a high of $340.34 and are now at $232.92, 26% above that low price. The 200-day and 50-day moving averages have moved 0.71% lower and 2.11% lower over the past week, respectively.

Allergan (NYSE:AGN) has potential upside of 16.1% based on a current price of $232.92 and analysts' consensus price target of $270.32. The stock should run into initial resistance at its 50-day moving average (MA) of $255.90 and subsequent resistance at its 200-day MA of $287.50.

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

Keywords: bullish inside day candle Allergan

Ticker(s): AGN