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Possible Bullish Inside Day Candle Pattern Detected for Lannett Co Inc (NYSE:LCI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Lannett Co Inc (NYSE:LCI) based on the price action in the company's shares. Yesterday's price range of $12.60 and $13.35 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 Lannett Co Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 73.8% for shares of Lannett Co Inc based on a current price of $13.15 and an average consensus analyst price target of $22.86. Lannett Co Inc shares should first meet resistance at the 50-day moving average (MA) of $15.14 and find additional resistance at the 200-day MA of $19.43.

Lannett Company, Inc. manufactures and distributes pharmaceutical products under its own trade name and under generic names. The Company also distributes competitive pharmaceutical products manufactured by other companies. The principal products include antifungals, antacids, dermatological preparations, and analgesic sedatives.

In the past 52 weeks, Lannett Co Inc share prices have been bracketed by a low of $12.15 and a high of $30.35 and closed yesterday at $13.15, 8% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 1%.

SmarTrend recommended that its subscribers protect gains by selling shares of Lannett Co Inc on June 19th, 2018 by issuing a Downtrend alert when the shares were trading at $14.68. Since that call, shares of Lannett Co Inc have fallen 14.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle lannett co inc

Ticker(s): LCI