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Possible Bullish Inside Day Candle Pattern Detected for Impax Laboratories (NASDAQ:IPXL)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Impax Laboratories (NASDAQ:IPXL) based on the price action in the company's shares. Yesterday's price range of $16.55 and $17.80 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 Impax Laboratories may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Impax Laboratories has overhead space with shares priced $17.75, or 63.2% below the average consensus analyst price target of $48.25. Impax Laboratories shares should first meet resistance at the 50-day moving average (MA) of $33.81 and find additional resistance at the 200-day MA of $38.86.

Impax Laboratories share prices have moved between a 52-week high of $52.10 and a 52-week low of $16.40 and closed yesterday at 8% above that low price at $17.75 per share. The 200-day and 50-day moving averages have moved 0.87% lower and 0.04% lower over the past week, respectively.

Impax Laboratories, Inc. develops, manufactures, and markets both proprietary and multi-source pharmaceutical products utilizing its drug delivery technologies. The Company specializes in the development of niche and controlled release generics, as well as the development of branded products.

SmarTrend is monitoring the recent change of momentum in Impax Laboratories. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Impax Laboratories in search of a potential trend change.

Keywords: bullish am inside day candle impax laboratories

Ticker(s): IPXL