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

By James Quinn

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 $51.83 and $52.50 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 share prices have moved between a 52-week high of $63.86 and a 52-week low of $40.01 and closed yesterday at 30% above that low price at $51.94 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.9% while the 200-day MA has remained constant.

Perrigo Co Plc has overhead space with shares priced $51.94, or 43.4% below the average consensus analyst price target of $91.69. The stock should hit resistance at its 200-day moving average (MA) of $52.14, as well as support at its 50-day MA of $49.54.

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 tracking the current trend status for Perrigo Co Plc and will alert subscribers who have PRGO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle perrigo co plc

Ticker(s): PRGO