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Possible Bullish Inside Day Candle Pattern Detected for Amphastar Pharma (NASDAQ:AMPH)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Amphastar Pharma (NASDAQ:AMPH) based on the price action in the company's shares. Yesterday's price range of $19.81 and $20.00 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 Amphastar Pharma may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Amphastar Pharma (NASDAQ:AMPH) has potential upside of 11.8% based on a current price of $19.91 and analysts' consensus price target of $22.25. The stock should discover initial support at its 200-day moving average (MA) of $12.98 and subsequent support at its 50-day MA of $12.12.

Amphastar Pharma share prices have moved between a 52-week high of $21.75 and a 52-week low of $12.05 and closed yesterday at 65% above that low price at $19.91 per share. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 0.5%.

Amphastar Pharmaceuticals, Inc. develops and manufactures generic and proprietary injectable and inhaleable pharmaceutical products.

SmarTrend recommended that subscribers consider buying shares of Amphastar Pharma on February 15th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.95. Since that recommendation, shares of Amphastar Pharma have risen 5.1%. We continue to monitor AMPH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle amphastar pharma

Ticker(s): AMPH