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Possible Bearish Inside Day Candle Pattern Detected for Centene Corp (NYSE:CNC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Centene Corp (NYSE:CNC) based on the price action in the company's shares. Yesterday's price range of $59.29 and $59.87 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 Centene Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Centene Corp has traded in a range of $50.00 to $74.49 and closed yesterday at $59.38, 19% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

Centene Corp has overhead space with shares priced $59.38, or 54.1% below the average consensus analyst price target of $129.50. Centene Corp shares should first meet resistance at the 50-day moving average (MA) of $61.60 and find additional resistance at the 200-day MA of $65.67.

Centene Corporation is a multi-line managed care organization that provides medicaid and medicaid-related programs. The Company has health plans in several states. The Company also provides specialty services, including behavioral health, nurse triage, and treatment compliance.

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

Keywords: bearish am inside day candle centene corp

Ticker(s): CNC