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Possible Bearish Inside Day Candle Pattern Detected for Biotelemetry Inc (NASDAQ:BEAT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Biotelemetry Inc (NASDAQ:BEAT) based on the price action in the company's shares. Yesterday's price range of $52.41 and $53.76 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 Biotelemetry Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Biotelemetry Inc share prices have moved between a 52-week high of $80.92 and a 52-week low of $37.07 and closed yesterday at 41% above that low price at $52.41 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has slid 0.3%.

Based on a current price of $52.41, Biotelemetry Inc is currently 11.5% above its average consensus analyst price target of $46.40. The stock should find initial support at its 50-day moving average (MA) of $48.72 and further support at its 200-day MA of $46.11.

BioTelemetry, Inc. provides ambulatory outpatient management solutions for monitoring clinical information regarding an individual's health. The Company's initial efforts are focused on the diagnosis and monitoring of cardiac arrhythmias, and heart rhythm disorders.

SmarTrend recommended that subscribers consider buying shares of Biotelemetry Inc on November 5th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $42.36. Since that recommendation, shares of Biotelemetry Inc have risen 27.0%. We continue to monitor BEAT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle biotelemetry inc

Ticker(s): BEAT