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Possible Bearish Inside Day Candle Pattern Detected for On Assignment (NYSE:ASGN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in On Assignment (NYSE:ASGN) based on the price action in the company's shares. Yesterday's price range of $54.92 and $55.54 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 On Assignment may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

On Assignment, Inc. places professional employees on both long- and short-term assignments through its Lab Support, Healthcare Financial Staffing, and EnviroStaff divisions. The Company provides temporary scientific, environmental, and medical billing and collections professionals to a range of industries through a network of branch offices.

Over the past year, On Assignment has traded in a range of $50.33 to $94.25 and closed yesterday at $55.37, 10% above that low. The 200-day and 50-day moving averages have moved 0.8% lower and 0.8% lower over the past week, respectively.

Potential upside of 63.9% exists for On Assignment, based on a current level of $55.37 and analysts' average consensus price target of $90.75. The stock should find initial resistance at its 50-day moving average (MA) of $61.24 and further resistance at its 200-day MA of $66.57.

SmarTrend recommended that its subscribers protect gains by selling shares of On Assignment on April 26th, 2019 by issuing a Downtrend alert when the shares were trading at $63.71. Since that call, shares of On Assignment have fallen 12.6%. 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 on assignment

Ticker(s): ASGN