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Possible Bearish Inside Day Candle Pattern Detected for athenahealth (NASDAQ:ATHN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in athenahealth (NASDAQ:ATHN) based on the price action in the company's shares. Yesterday's price range of $128.02 and $130.00 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 athenahealth may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

athenahealth (NASDAQ:ATHN) has potential upside of 26.9% based on a current price of $128.68 and analysts' consensus price target of $163.35. athenahealth shares should first meet resistance at the 50-day moving average (MA) of $135.12 and find additional resistance at the 200-day MA of $142.04.

In the past 52 weeks, shares of athenahealth have traded between a low of $110.68 and a high of $170.42 and closed yesterday at $128.68, which is 16% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.2%.

athenahealth Inc. provides Internet-based business services for physician practices. The Company's services include a revenue cycle management service that automates and manages billing-related functions for physician practices and includes a practice management platform.

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

Keywords: bearish am inside day candle Athenahealth

Ticker(s): ATHN