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Possible Bearish Inside Day Candle Pattern Detected for Opko Health (NASDAQ:OPK)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Opko Health (NASDAQ:OPK) based on the price action in the company's shares. Yesterday's price range of $1.54 and $1.59 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 Opko Health may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

OPKO Health, Inc. is involved in the discovery, development, and commercialization of pharmaceutical products, vaccines, and diagnostic products.

Opko Health has overhead space with shares priced $1.58, or 86.7% below the average consensus analyst price target of $11.90. The stock should run into initial resistance at its 50-day moving average (MA) of $1.65 and subsequent resistance at its 200-day MA of $2.04.

Opko Health share prices have moved between a 52-week high of $3.93 and a 52-week low of $1.33 and closed yesterday at 19% above that low price at $1.58 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 1.8%.

SmarTrend recommended that its subscribers protect gains by selling shares of Opko Health on August 28th, 2019 by issuing a Downtrend alert when the shares were trading at $1.79. Since that call, shares of Opko Health have fallen 9.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle opko health

Ticker(s): OPK