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Possible Bullish Inside Day Candle Pattern Detected for Opko Health (NYSE:OPK)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Opko Health (NYSE:OPK) based on the price action in the company's shares. Today's price range of $9.01 and $9.15 is within yesterday'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 Opko Health may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Opko Health, Inc. is a specialty pharmaceutical company that researches and develops pharmaceuticals. The Company researches treatments for macular degeneration and other ophthalmic diseases.

There is potential upside of 97.4% for shares of Opko Health based on a current price of $9.12 and an average consensus analyst price target of $18.00. The stock should run into initial resistance at its 200-day moving average (MA) of $10.41 and subsequent resistance at its 50-day MA of $10.50.

In the past 52 weeks, Opko Health share prices have been bracketed by a low of $7.12 and a high of $19.20 and are now at $9.12, 28% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has advanced 0.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of Opko Health on March 30th, 2016 by issuing a Downtrend alert when the shares were trading at $10.16. Since that call, shares of Opko Health have fallen 13.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle opko health

Ticker(s): OPK