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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 $3.32 and $3.39 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 41% above that low price at $3.35 per share. The 200-day and 50-day moving averages have moved 1.74% lower and 1.24% higher over the past week, respectively.

There is potential upside of 222.4% for shares of Array Biopharma based on a current price of $3.35 and an 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 is tracking the current trend status for Array Biopharma and will alert subscribers who have ARRY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle Array BioPharma

Ticker(s): ARRY