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Possible Bearish Inside Day Candle Pattern Detected for Anthem Inc (NYSE:ANTM)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Anthem Inc (NYSE:ANTM) based on the price action in the company's shares. Today's price range of $265.30 and $265.30 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 Anthem Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Anthem Inc have traded between a low of $220.80 and a high of $317.99 and are now at $265.30, which is 20% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.3% while the 200-day MA has remained constant.

Potential upside of 3.9% exists for Anthem Inc, based on a current level of $265.30 and analysts' average consensus price target of $275.67. The stock should find initial resistance at its 200-day moving average (MA) of $275.89 and further resistance at its 50-day MA of $276.30.

Anthem Inc. is a health benefits company. The Company provides health, dental and vision, and pharmacy benefits, as well as life insurance, and life and disability insurance benefits. Anthem offers a broad spectrum of network-based managed care plans to large and small employer, individual, medicaid, and medicare markets.

SmarTrend is tracking the current trend status for Anthem Inc and will alert subscribers who have ANTM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle anthem inc

Ticker(s): ANTM