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Possible Bullish Inside Day Candle Pattern Detected for Heron Therapeuti (NASDAQ:HRTX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Heron Therapeuti (NASDAQ:HRTX) based on the price action in the company's shares. Yesterday's price range of $24.52 and $25.00 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 Heron Therapeuti may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Heron Therapeuti share prices have moved between a 52-week high of $28.70 and a 52-week low of $15.68 and closed yesterday at 61% above that low price at $25.20 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.9%.

Heron Therapeutics, Inc. operates as a biotechnology company. The Company offers proprietary biochronomer drug delivery technology which is designed to improve the therapeutic profile of injectable pharmaceuticals, as well as focuses on identifying current therapies with the potential to be reformulated.

Heron Therapeuti (NASDAQ:HRTX) has potential upside of 63.6% based on a current price of $25.20 and analysts' consensus price target of $41.23. The stock should find initial support at its 50-day moving average (MA) of $22.58 and further support at its 200-day MA of $20.45.

SmarTrend recommended that subscribers consider buying shares of Heron Therapeuti on October 28th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.46. Since that recommendation, shares of Heron Therapeuti have risen 19.8%. We continue to monitor HRTX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle heron therapeuti

Ticker(s): HRTX