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Possible Bearish Inside Day Candle Pattern Detected for Allscripts Healt (NASDAQ:MDRX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Allscripts Healt (NASDAQ:MDRX) based on the price action in the company's shares. Today's price range of $12.86 and $12.98 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 Allscripts Healt may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Allscripts Healthcare Solutions, Inc. develops and markets clinical software. The Company's products include electronic health records, electronic prescribing, revenue cycle management, practice management, document management, medication services, hospital care management, emergency department information systems and homecare automation.

In the past 52 weeks, shares of Allscripts Healt have traded between a low of $9.80 and a high of $15.17 and are now at $12.94, which is 32% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.7%.

Allscripts Healt (NASDAQ:MDRX) has potential upside of 9.8% based on a current price of $12.94 and analysts' consensus price target of $14.21. The stock should run into initial resistance at its 50-day moving average (MA) of $13.19 and subsequent resistance at its 200-day MA of $13.75.

SmarTrend recommended that subscribers consider buying shares of Allscripts Healt on January 10th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.71. Since that recommendation, shares of Allscripts Healt have risen 9.7%. We continue to monitor MDRX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle allscripts healt

Ticker(s): MDRX