• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Acorda Therapeut (NASDAQ:ACOR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Acorda Therapeut (NASDAQ:ACOR) based on the price action in the company's shares. Yesterday's price range of $2.33 and $2.66 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. Owners of Acorda Therapeut may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Acorda Therapeutics Inc. is a biotechnology company that is developing therapies for spinal cord injury and related neurological conditions, including multiple sclerosis. Additionally, Acorda is developing multiple approaches to regeneration and repair of the spinal cord and brain.

Over the past year, Acorda Therapeut has traded in a range of $1.49 to $17.57 and closed yesterday at $2.41, 62% above that low. Over the past week, the 200-day moving average (MA) has gone down 3.5% while the 50-day MA has declined 2%.

Acorda Therapeut has overhead space with shares priced $2.41, or 90.4% below the average consensus analyst price target of $25.00. The stock should hit resistance at its 200-day moving average (MA) of $6.25, as well as support at its 50-day MA of $1.95.

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

Keywords: bearish am inside day candle acorda therapeut

Ticker(s): ACOR