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Possible Bearish Inside Day Candle Pattern Detected for Community Health (NYSE:CYH)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Community Health (NYSE:CYH) based on the price action in the company's shares. Today's price range of $7.34 and $7.63 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 Community Health may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Community Health share prices have moved between a 52-week high of $13.90 and a 52-week low of $4.15 and are now trading 80% above that low price at $7.48 per share. Over the past week, the 200-day moving average (MA) has gone down 2.8% while the 50-day MA has advanced 0.2%.

There is potential upside of 36.8% for shares of Community Health based on a current price of $7.48 and an average consensus analyst price target of $10.23. The stock should find initial resistance at its 50-day moving average (MA) of $17.62 and further resistance at its 200-day MA of $31.40.

Community Health Systems Inc. owns, leases, and operates hospitals in multiple states. The Hospitals services include emergency room services, general surgery, critical care, internal medicine, obstetrics, and diagnostic services. Community Health also owns interests in physicians, physician practices, imaging centers, home health agencies, and ambulatory surgery centers.

SmarTrend is tracking the current trend status for Community Health and will alert subscribers who have CYH in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle community health

Ticker(s): CYH