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Possible Bullish Inside Day Candle Pattern Detected for Depomed (NASDAQ:DEPO)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Depomed (NASDAQ:DEPO) based on the price action in the company's shares. Today's price range of $20.86 and $21.30 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 Depomed may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 39.2% exists for Depomed, based on a current level of $20.95 and analysts' average consensus price target of $29.17. Depomed shares have support at the 200-day moving average (MA) of $19.87 and additional support at the 50-day MA of $15.49.

DepoMed, Inc. develops new and proprietary oral drug delivery technologies. The Company has developed a system designed to be retained in the stomach for an extended period of time while it delivers the incorporated drug or drugs. DepoMed has also developed a system designed to reduce gastrointestinal irritation.

Depomed share prices have moved between a 52-week high of $33.74 and a 52-week low of $12.25 and are now trading 71% above that low price at $20.95 per share. The 200-day and 50-day moving averages have moved 1.57% lower and 0.23% lower over the past week, respectively.

SmarTrend is tracking the current trend status for Depomed and will alert subscribers who have DEPO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle DepoMed

Ticker(s): DEPO