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Possible Bullish Inside Day Candle Pattern Detected for Diplomat Pharmac (NYSE:DPLO)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Diplomat Pharmac (NYSE:DPLO) based on the price action in the company's shares. Yesterday's price range of $5.25 and $5.43 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 Diplomat Pharmac 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 362.1% exists for Diplomat Pharmac, based on a current level of $5.41 and analysts' average consensus price target of $25.00. The stock should run into initial resistance at its 50-day moving average (MA) of $7.42 and subsequent resistance at its 200-day MA of $15.43.

Diplomat Pharmacy, Inc. is a specialty pharmacy that services patients with complex chronic diseases. The Company aids in the dispensing, delivery, dosing and reimbursement of clinically intensive, high-cost specialty drugs.

In the past 52 weeks, shares of Diplomat Pharmac have traded between a low of $5.00 and a high of $28.74 and closed yesterday at $5.41, which is 8% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 8.3% while the 200-day MA has slid 2.6%.

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

Keywords: bullish am inside day candle diplomat pharmac

Ticker(s): DPLO