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Possible Bearish Inside Day Candle Pattern Detected for Conmed (NASDAQ:CNMD)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Conmed (NASDAQ:CNMD) based on the price action in the company's shares. Yesterday's price range of $41.46 and $42.14 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 Conmed may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Conmed share prices have moved between a 52-week high of $60.66 and a 52-week low of $35.51 and closed yesterday at 18% above that low price at $41.83 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 0.8%.

Potential upside of 25.9% exists for Conmed, based on a current level of $41.83 and analysts' average consensus price target of $52.67. The stock should find resistance at its 200-day moving average (MA) of $44.60, as well as support at its 50-day MA of $41.46.

CONMED Corporation provides orthopedic products, specializing in arthroscopy and powered surgical instruments. The Company develops, manufactures, and supplies surgical instruments and systems used in a range of surgical procedures. CONMED's products include arthroscopic surgery devices and powered surgical instruments, electrosurgery systems, and ECG electrodes for heart monitoring.

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

Keywords: bearish am inside day candle CONMED

Ticker(s): CNMD