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Possible Bullish Inside Day Candle Pattern Detected for Rockwell Medical (NASDAQ:RMTI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Rockwell Medical (NASDAQ:RMTI) based on the price action in the company's shares. Yesterday's price range of $2.13 and $2.25 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 Rockwell Medical may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 402.3% exists for Rockwell Medical, based on a current level of $2.19 and analysts' average consensus price target of $11.00. Rockwell Medical shares should first meet resistance at the 50-day moving average (MA) of $2.40 and find additional resistance at the 200-day MA of $3.00.

Rockwell Medical, Inc. manufactures, markets, and delivers dialysis solutions, powders, and ancillary products to hemodialysis providers. The Company offers dry-state dry acid, liquid acid, sterilyte liquid bicarbonate, powder bicarbonate, and ancillary dialysis items. Rockwell products are used to cleanse a patient's blood and replace nutrients in the bloodstream.

In the past 52 weeks, shares of Rockwell Medical have traded between a low of $2.04 and a high of $8.98 and closed yesterday at $2.19, which is 7% above that low price. Over the past week, the 200-day moving average (MA) has gone down 2.1% while the 50-day MA has advanced 0.9%.

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

Keywords: bullish am inside day candle rockwell medical

Ticker(s): RMTI