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

By David Diaz

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 $50.96 and $52.21 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 (NASDAQ:AMED) has potential upside of 18.9% based on a current price of $51.63 and analysts' consensus price target of $61.38. The stock should discover initial support at its 50-day moving average (MA) of $45.63 and subsequent support at its 200-day MA of $41.34.

In the past 52 weeks, shares of Amedisys Inc have traded between a low of $34.58 and a high of $65.91 and closed yesterday at $51.63, which is 49% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 2.6%.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Amedisys Inc on July 11th, 2017 by issuing a Downtrend alert when the shares were trading at $59.86. Since that call, shares of Amedisys Inc have fallen 13.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle amedisys inc

Ticker(s): AMED