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Possible Bearish Inside Day Candle Pattern Detected for Alere (AMEX:ALR)

By Nick Russo

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. Yesterday's price range of $42.31 and $42.98 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. 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, 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 20.8% based on a current price of $42.82 and analysts' consensus price target of $51.71. The stock should find initial resistance at its 200-day moving average (MA) of $47.03 and further resistance at its 50-day MA of $49.07.

Over the past year, Alere has traded in a range of $31.47 to $55.99 and closed yesterday at $42.82, 36% above that low. The 200-day and 50-day moving averages have moved 0.49% lower and 2.15% lower over the past week, respectively.

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 am inside day candle amex:alr alere

Ticker(s): ALR