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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Perrigo Co Plc (NYSE:PRGO) based on the price action in the company's shares. Yesterday's price range of $49.78 and $50.33 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. Traders and investors interested in shares of Perrigo Co Plc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Perrigo Co Plc (NYSE:PRGO) has potential upside of 84.8% based on a current price of $49.62 and analysts' consensus price target of $91.69. Perrigo Co Plc shares should first meet resistance at the 50-day moving average (MA) of $50.74 and find additional resistance at the 200-day MA of $52.08.

Over the past year, Perrigo Co Plc has traded in a range of $40.01 to $63.86 and closed yesterday at $49.62, 24% above that low. The 200-day and 50-day moving averages have moved 0.01% lower and 1.14% lower over the past week, respectively.

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.

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

Keywords: bullish am inside day candle perrigo co plc

Ticker(s): PRGO