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

By Amy Schwartz

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. Yesterday's price range of $9.01 and $9.26 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 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 has overhead space with shares priced $9.26, or 48.6% below the average consensus analyst price target of $18.00. Opko Health shares should first meet resistance at the 200-day moving average (MA) of $10.41 and find additional resistance at the 50-day MA of $10.50.

In the past 52 weeks, shares of Opko Health have traded between a low of $7.12 and a high of $19.20 and closed yesterday at $9.26, which is 30% 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%.

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

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 am inside day candle opko health

Ticker(s): OPK