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Possible Bullish Inside Day Candle Pattern Detected for Perrigo (NASDAQ:PRGO)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Perrigo (NASDAQ:PRGO) based on the price action in the company's shares. Today's price range of $93.90 and $94.90 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 Perrigo may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Perrigo Company manufactures store brand over-the-counter pharmaceutical products and also manufactures store brand nutritional products. The Company's customers include major national and regional retail drug, supermarket, and mass merchandise chains such as Albertson's, CVS, and Target, and major wholesalers such as Super Valu and McKesson.

Over the past year, Perrigo has traded in a range of $84.85 to $200.96 and is now at $94.23, 11% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 1.9%.

Perrigo (NASDAQ:PRGO) has potential upside of 108.7% based on a current price of $94.23 and analysts' consensus price target of $196.64. The stock should run into initial resistance at its 50-day moving average (MA) of $123.60 and subsequent resistance at its 200-day MA of $151.33.

SmarTrend is tracking the current trend status for Perrigo and will alert subscribers who have PRGO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle Perrigo

Ticker(s): PRGO