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Possible Bullish Inside Day Candle Pattern Detected for AMAG Pharmaceuticals (NASDAQ:AMAG)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in AMAG Pharmaceuticals (NASDAQ:AMAG) based on the price action in the company's shares. Yesterday's price range of $22.41 and $23.19 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 AMAG Pharmaceuticals 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, shares of AMAG Pharmaceuticals have traded between a low of $17.92 and a high of $77.73 and closed yesterday at $23.15, which is 29% above that low price. The 200-day and 50-day moving averages have moved 2.89% lower and 1.22% lower over the past week, respectively.

AMAG Pharmaceuticals, Inc., a biopharmaceutical company, utilizes its proprietary nanoparticle technology for the development and commercialization of therapeutic iron compounds to treat anemia and novel imaging agents to aid in the diagnosis of cancer and cardiovascular disease.

There is potential upside of 180.8% for shares of AMAG Pharmaceuticals based on a current price of $23.15 and an average consensus analyst price target of $65.00. The stock should run into initial resistance at its 50-day moving average (MA) of $24.52 and subsequent resistance at its 200-day MA of $35.54.

SmarTrend recommended that subscribers consider buying shares of AMAG Pharmaceuticals on May 31st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $21.22. Since that recommendation, shares of AMAG Pharmaceuticals have risen 3.9%. We continue to monitor AMAG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle amag pharmaceuticals

Ticker(s): AMAG