Possible Bearish Inside Day Candle Pattern Detected for Alere (AMEX:ALR)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Alere (AMEX:ALR) based on the price action in the company's shares. Today's price range of $42.31 and $42.98 is within yesterday'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. Owners of Alere may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Alere share prices have moved between a 52-week high of $55.99 and a 52-week low of $31.47 and are now trading 35% above that low price at $42.60 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.2% while the 200-day MA has slid 0.5%.
Alere, Inc. offers patient diagnosis, monitoring and health management services. The Company produces consumer and professional medical diagnostic products, and remotely monitors patients for pre-eclampsia, and patients who are prescribed Warfarin for atrial fibrillation.
Alere (AMEX:ALR) has potential upside of 21.4% based on a current price of $42.60 and analysts' consensus price target of $51.71. The stock should run into initial resistance at its 200-day moving average (MA) of $47.03 and subsequent resistance at its 50-day MA of $49.07.
SmarTrend is monitoring the recent change of momentum in Alere. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Alere in search of a potential trend change.
Keywords: bearish inside day candle amex:alr alere