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Possible Bearish Inside Day Candle Pattern Detected for Horizon Pharma P (NASDAQ:HZNP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Horizon Pharma P (NASDAQ:HZNP) based on the price action in the company's shares. Today's price range of $35.01 and $35.70 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 Horizon Pharma P may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Horizon Pharma P has traded in a range of $22.74 to $39.10 and is now at $35.13, 54% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has risen 0.7%.

Horizon Pharma plc operates as a biopharmaceutical company. Horizon Pharma develops, acquires, and commercializes late-stage biopharmaceutical therapies for the treatment of pain and inflammation as well as specialty and orphan diseases.

Horizon Pharma P (NASDAQ:HZNP) defies analysts with a current price ($35.13) 43.6% above its average consensus price target of $19.80. The stock should discover initial support at its 50-day moving average (MA) of $32.16 and subsequent support at its 200-day MA of $29.95.

SmarTrend is tracking the current trend status for Horizon Pharma P and will alert subscribers who have HZNP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle horizon pharma p

Ticker(s): HZNP