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

By James Quinn

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 $224.19 and $226.65 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.

In the past 52 weeks, Allergan share prices have been bracketed by a low of $195.50 and a high of $340.34 and are now at $225.40, 15% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 2.1%.

Allergan (NYSE:AGN) has potential upside of 60.4% based on a current price of $225.40 and analysts' consensus price target of $361.57. 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.

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.

SmarTrend is tracking the current trend status for Allergan and will alert subscribers who have AGN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle Allergan

Ticker(s): AGN