After Yesterday's Rally of 2.57% Shares Could Potentially Pullback
Akorn (NASDAQ:AKRX) traded in a range yesterday that spanned from a low of $26.77 to a high of $28.30. Yesterday, the shares gained 2.6%, which took the trading range above the 3-day high of $28.04 on volume of 757,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
SmarTrend recommended that its subscribers protect gains by selling shares of Akorn on August 16th, 2016 by issuing a Downtrend alert when the shares were trading at $30.13. Since that call, shares of Akorn have fallen 9.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
In the past 52 weeks, shares of Akorn have traded between a low of $17.57 and a high of $48.53 and are now at $28.25, which is 61% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has declined 0.2%.
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