Shares of Nemaura Medical Inc. 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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