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Possible Bullish Inside Day Candle Pattern Detected for Vanda Pharmaceuticals (NASDAQ:VNDA)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Vanda Pharmaceuticals (NASDAQ:VNDA) based on the price action in the company's shares. Yesterday's price range of $11.00 and $11.32 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 Vanda Pharmaceuticals may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 55.3% for shares of Vanda Pharmaceuticals based on a current price of $11.27 and an average consensus analyst price target of $17.50. The stock should find initial support at its 200-day moving average (MA) of $9.85 and further support at its 50-day MA of $8.31.

Vanda Pharmaceuticals Inc. is a biopharmaceutical company. The Company is focused on the development and commercialization of a portfolio of clinical-stage, small molecule product candidates for central nervous system disorders.

In the past 52 weeks, shares of Vanda Pharmaceuticals have traded between a low of $6.91 and a high of $14.50 and closed yesterday at $11.27, which is 63% above that low price. The 200-day and 50-day moving averages have moved 0.73% lower and 0.75% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Vanda Pharmaceuticals on May 27th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $10.25. Since that recommendation, shares of Vanda Pharmaceuticals have risen 10.0%. We continue to monitor VNDA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle vanda pharmaceuticals

Ticker(s): VNDA