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Possible Bearish Inside Day Candle Pattern Detected for Cardiovascular S (NASDAQ:CSII)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cardiovascular S (NASDAQ:CSII) based on the price action in the company's shares. Yesterday's price range of $31.34 and $32.05 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 Cardiovascular S may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cardiovascular S (NASDAQ:CSII) has potential upside of 3.1% based on a current price of $31.77 and analysts' consensus price target of $32.75. The stock should discover initial support at its 50-day moving average (MA) of $27.03 and subsequent support at its 200-day MA of $25.68.

Cardiovascular Systems, Inc. develops and manufactures a medical device that removes hardened plaque and calcium from arteries.

In the past 52 weeks, shares of Cardiovascular S have traded between a low of $20.58 and a high of $33.11 and closed yesterday at $31.77, which is 54% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.3% while the 200-day MA has risen 0.2%.

SmarTrend recommended that subscribers consider buying shares of Cardiovascular S on May 2nd, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.48. Since that recommendation, shares of Cardiovascular S have risen 35.3%. We continue to monitor CSII for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle cardiovascular s

Ticker(s): CSII