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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 $10.98 and $11.08 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.

Allscripts Healt has overhead space with shares priced $11.07, or 27.4% below the average consensus analyst price target of $15.26. Allscripts Healt shares should encounter resistance at the 200-day moving average (MA) of $11.12 and support at the 50-day MA of $10.11.

Allscripts Healt share prices have moved between a 52-week high of $16.13 and a 52-week low of $8.54 and are now trading 30% above that low price at $11.07 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has slid 0.7%.

SmarTrend is monitoring the recent change of momentum in Allscripts Healt. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Allscripts Healt in search of a potential trend change.

Keywords: bearish inside day candle allscripts healt

Ticker(s): MDRX