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Possible Bearish Inside Day Candle Pattern Detected for Perrigo Co Plc (NYSE:PRGO)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Perrigo Co Plc (NYSE:PRGO) based on the price action in the company's shares. Today's price range of $47.53 and $48.63 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 Perrigo Co Plc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Perrigo Company PLC is a global healthcare supplier that develops, manufactures, and distributes OTC and generic prescription pharmaceuticals, infant formulas, nutritional products, active pharmaceutical ingredients and pharmaceutical and medical diagnostic products. The Company's primary markets and locations of manufacturing and logistics operations are the US, UK, Mexico, and Australia.

Perrigo Co Plc has overhead space with shares priced $47.68, or 48.0% below the average consensus analyst price target of $91.69. The stock should run into initial resistance at its 200-day moving average (MA) of $51.94 and subsequent resistance at its 50-day MA of $52.41.

In the past 52 weeks, shares of Perrigo Co Plc have traded between a low of $40.01 and a high of $63.86 and are now at $47.68, which is 19% above that low price. The 200-day and 50-day moving averages have moved 0.06% higher and 1.43% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Perrigo Co Plc on February 27th, 2020 by issuing a Downtrend alert when the shares were trading at $53.00. Since that call, shares of Perrigo Co Plc have fallen 11.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle perrigo co plc

Ticker(s): PRGO