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Possible Bearish Inside Day Candle Pattern Detected for Adamas Pharmaceu (NASDAQ:ADMS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Adamas Pharmaceu (NASDAQ:ADMS) based on the price action in the company's shares. Today's price range of $5.49 and $5.50 is within yesterday'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 Adamas Pharmaceu may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Adamas Pharmaceu have traded between a low of $4.20 and a high of $29.49 and are now at $5.50, which is 31% above that low price. Over the past week, the 200-day moving average (MA) has gone down 3.3% while the 50-day MA has declined 2.3%.

Adamas Pharmaceuticals, Inc. is a specialty pharmaceutical company. The Company develops drugs to improve the lives of those affected by chronic disorders of the central nervous system. Adamas Pharmaceuticals seeks to achieve this by modifying the pharmacokinetic profiles of approved drugs to create novel therapeutics for use alone and in fixed-dose combination products.

Potential upside of 893.9% exists for Adamas Pharmaceu, based on a current level of $5.50 and analysts' average consensus price target of $54.67. The stock should run into initial resistance at its 50-day moving average (MA) of $5.58 and subsequent resistance at its 200-day MA of $10.46.

SmarTrend recommended that its subscribers protect gains by selling shares of Adamas Pharmaceu on March 6th, 2019 by issuing a Downtrend alert when the shares were trading at $8.08. Since that call, shares of Adamas Pharmaceu have fallen 30.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle adamas pharmaceu

Ticker(s): ADMS