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

By Nick Russo

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 $65.52 and $66.99 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 (NASDAQ:BEAT) is currently priced 30.9% above its average consensus analyst price target of $46.40. The stock should find initial support at its 50-day moving average (MA) of $62.66 and further support at its 200-day MA of $52.04.

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.

In the past 52 weeks, Biotelemetry Inc share prices have been bracketed by a low of $28.90 and a high of $74.73 and closed yesterday at $67.12, 132% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 1.6% while the 50-day MA has advanced 2.3%.

SmarTrend is monitoring the recent change of momentum in Biotelemetry Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Biotelemetry Inc in search of a potential trend change.

Keywords: bearish am inside day candle biotelemetry inc

Ticker(s): BEAT