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Possible Bearish Inside Day Candle Pattern Detected for Amedisys Inc (NASDAQ:AMED)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Amedisys Inc (NASDAQ:AMED) based on the price action in the company's shares. Yesterday's price range of $82.49 and $83.81 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 Amedisys Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Amedisys, Inc. is a multi-regional provider of alternate-site health care services. The Company offers home health care nursing, home infusion therapy, and ambulatory surgery centers. Amedisys operates offices within a network of subsidiaries in the southern and southeastern United States.

In the past 52 weeks, shares of Amedisys Inc have traded between a low of $45.60 and a high of $84.06 and closed yesterday at $83.75, which is 84% above that low price. The 200-day and 50-day moving averages have moved 1.40% higher and 2.85% higher over the past week, respectively.

Amedisys Inc (NASDAQ:AMED) is currently priced 9.8% above its average consensus analyst price target of $75.57. Amedisys Inc shares have support at the 50-day moving average (MA) of $71.67 and additional support at the 200-day MA of $58.92.

SmarTrend recommended that subscribers consider buying shares of Amedisys Inc on February 21st, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $57.44. Since that recommendation, shares of Amedisys Inc have risen 45.8%. We continue to monitor AMED for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle amedisys inc

Ticker(s): AMED