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Possible Bullish Inside Day Candle Pattern Detected for Array Biopharma (NASDAQ:ARRY)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Array Biopharma (NASDAQ:ARRY) based on the price action in the company's shares. Today's price range of $3.24 and $3.32 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 Array Biopharma may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Array Biopharma share prices have moved between a 52-week high of $8.04 and a 52-week low of $2.38 and are now trading 38% above that low price at $3.29 per share. Over the past week, the 200-day moving average (MA) has gone down 1.7% while the 50-day MA has advanced 1.2%.

Array Biopharma has overhead space with shares priced $3.29, or 69.5% below the average consensus analyst price target of $10.80. The stock should find resistance at its 200-day moving average (MA) of $4.18, as well as support at its 50-day MA of $2.98.

Array BioPharma Inc., a discovery research company, creates drug candidates. The Company provides drug discovery products and services to create, evaluate, and optimize potential drug candidates in collaboration with pharmaceutical and biotechnology companies.

SmarTrend recommended that its subscribers protect gains by selling shares of Array Biopharma on August 10th, 2016 by issuing a Downtrend alert when the shares were trading at $3.41. Since that call, shares of Array Biopharma have fallen 5.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Array BioPharma

Ticker(s): ARRY