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Possible Bearish Inside Day Candle Pattern Detected for Edwards Life (NYSE:EW)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Edwards Life (NYSE:EW) based on the price action in the company's shares. Yesterday's price range of $176.57 and $177.77 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 Edwards Life may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Edwards Life (NYSE:EW) is currently priced 18.0% above its average consensus analyst price target of $145.89. The stock should discover initial support at its 50-day moving average (MA) of $167.32 and subsequent support at its 200-day MA of $153.45.

Edwards Lifesciences Corporation designs, develops, manufactures, and markets products and services to treat late-stage cardiovascular disease. The Company's products include tissue replacement heart valves, heart valve repair products, hemodynamic monitoring devices, angioscopy equipment, oxygenators, and pharmaceuticals. Edwards supplies its products to customers located worldwide.

In the past 52 weeks, Edwards Life share prices have been bracketed by a low of $123.00 and a high of $178.68 and closed yesterday at $178.02, 45% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.3%.

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

Keywords: bearish am inside day candle edwards life

Ticker(s): EW