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Possible Bullish Inside Day Candle Pattern Detected for Synergy Pharmace (NASDAQ:SGYP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Synergy Pharmace (NASDAQ:SGYP) based on the price action in the company's shares. Yesterday's price range of $1.34 and $1.41 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 Synergy Pharmace may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Synergy Pharmace share prices have moved between a 52-week high of $3.55 and a 52-week low of $1.28 and closed yesterday at 8% above that low price at $1.38 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.2% while the 200-day MA has slid 0.9%.

Synergy Pharmace (NASDAQ:SGYP) has potential upside of 395.7% based on a current price of $1.38 and analysts' consensus price target of $6.84. Synergy Pharmace shares should first meet resistance at the 50-day moving average (MA) of $1.73 and find additional resistance at the 200-day MA of $1.86.

Synergy Pharmaceuticals, Inc. is a biopharmaceutical company focused primarily on the development of drugs to treat gastrointestinal disorders and diseases. The Company's lead drug candidate is a guanylyl cyclase C (GC-C) receptor agonist, to treat gastrointestinal disorders, primarily chronic constipation and constipation-predominant irritable bowel syndrome (IBS-C).

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

Keywords: bullish am inside day candle synergy pharmace

Ticker(s): SGYP