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Possible Bullish Inside Day Candle Pattern Detected for Lexicon Pharmaceuticals (NASDAQ:LXRX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Lexicon Pharmaceuticals (NASDAQ:LXRX) based on the price action in the company's shares. Yesterday's price range of $14.41 and $14.81 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 Lexicon Pharmaceuticals may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Lexicon Pharmaceuticals share prices have been bracketed by a low of $0.99 and a high of $19.62 and closed yesterday at $14.50, 1,365% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 2.5%.

Lexicon Pharmaceuticals, Inc. is a biopharmaceutical company. The Company researches treatments for diabetes and obesity, cardiovascular disease, psychiatric and neurological disorders, cancer, immune system disorders, and ophthalmic disease.

Lexicon Pharmaceuticals has overhead space with shares priced $14.50, or 44.2% below the average consensus analyst price target of $26.00. The stock should find initial support at its 50-day moving average (MA) of $12.43 and further support at its 200-day MA of $11.72.

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

Keywords: bullish am inside day candle lexicon pharmaceuticals

Ticker(s): LXRX