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

By James Quinn

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 $53.84 and $54.85 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.

Centene Corp has overhead space with shares priced $53.96, or 58.3% below the average consensus analyst price target of $129.50. The stock should find initial support at its 200-day moving average (MA) of $52.80 and further support at its 50-day MA of $46.86.

In the past 52 weeks, Centene Corp share prices have been bracketed by a low of $41.62 and a high of $74.49 and closed yesterday at $53.96, 30% above that low price. The 200-day and 50-day moving averages have moved 0.29% lower and 1.03% higher over the past week, respectively.

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 tracking the current trend status for Centene Corp and will alert subscribers who have CNC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle centene corp

Ticker(s): CNC