Possible Bullish Inside Day Candle Pattern Detected for AMAG Pharmaceuticals (NASDAQ:AMAG)
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. Today's price range of $22.41 and $22.98 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 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.
AMAG Pharmaceuticals share prices have moved between a 52-week high of $77.73 and a 52-week low of $17.92 and are now trading 27% above that low price at $22.79 per share. Over the last five market days, the 200-day moving average (MA) has gone down 2.9% while the 50-day MA has declined 1.2%.
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.
AMAG Pharmaceuticals has overhead space with shares priced $22.79, or 64.9% below the average consensus analyst price target of $65.00. The stock should find initial resistance at its 50-day moving average (MA) of $24.52 and further 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 inside day candle amag pharmaceuticals