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Possible Bearish Inside Day Candle Pattern Detected for Cerner (NASDAQ:CERN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cerner (NASDAQ:CERN) based on the price action in the company's shares. Today's price range of $66.90 and $67.34 is within yesterday'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 Cerner may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cerner (NASDAQ:CERN) defies analysts with a current price ($67.08) 15.0% above its average consensus price target of $57.00. Cerner shares have support at the 200-day moving average (MA) of $59.38 and additional support at the 50-day MA of $54.52.

In the past 52 weeks, Cerner share prices have been bracketed by a low of $47.01 and a high of $75.00 and are now at $67.08, 43% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has slid 0.5%.

Cerner Corporation designs, develops, markets, installs, and supports information technology and content solutions for healthcare organizations and consumers. The Company's systems, implemented on a member or patient, accumulate data on care provided and provide access for users of clinical information.

SmarTrend recommended that subscribers consider buying shares of Cerner on January 13th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $51.29. Since that recommendation, shares of Cerner have risen 31.3%. We continue to monitor CERN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle cerner

Ticker(s): CERN