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Possible Bullish Engulfing Pattern Detected for Ariad Pharmaceuticals (NASDAQ:ARIA)
1 hours 56 minutes ago - F70 via Comtex
Financial News Network Online - News CornerAnalyzing the price chart for Ariad Pharmaceuticals (NASDAQ:ARIA) has revealed a potential bullish engulfing pattern. Yesterday, Ariad Pharmaceuticals traded 5.5 million shares vs. average volume of 3.2 million shares per day. The company traded 5.4 million shares on Monday. Heavy volume increases the reliability of this bullish candlestick pattern. Ariad Pharmaceuticals has overhead space with shares priced $8.86, or 46.3% below the average consensus analyst price target of $16.50. The stock should hit resistance at its 50-day moving average (MA) of $9.70, as well as support at its 200-day MA of $8.35.
ARIAD Pharmaceuticals, Inc. discovers and develops breakthrough medicines that regulate cell signaling with small molecules. The Company is primarily focused on product candidates for targeted indications. ARIAD is developing products to treat solid tumors, to block the spread of cancer, to treat certain forms of leukemia, and to treat cancer that has spread to bone and primary bone cancers.
Over the past year, Ariad Pharmaceuticals has traded in a range of $3.51 to $13.50 and is now at $8.86, 152% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.7% while the 200-day MA has risen 0.7%.
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