Shares of Nemaura Medical Inc. (NASDAQ:NMRD) may be about to drop even more than they have so far today.
On Wednesday, the bulls were firmly in control. The stock opened at $4.87 and rallied over the day to close at $11.06.
The stock is staging an epic reversal in Thursday's session. The bulls were still in charge during the morning, taking it up to $15.54.
Then the bears took over.
They have knocked it all the way down to current levels around $10.80. When a stock rips to new highs but then turns around and closes below the previous day’s closing price, it shows up on the chart as a reversal pattern.
A reversal pattern is an illustration of a change of leadership. In this case, it’s the bears taking it away from the bulls. If the stock closes below $11.06, there’s a good chance shares drop again.
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