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

By James Quinn

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. Today's price range of $180.58 and $182.46 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 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) defies analysts with a current price ($180.58) 19.2% above its average consensus price target of $145.89. The stock should find resistance at its 50-day moving average (MA) of $181.59, as well as support at its 200-day MA of $160.38.

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.

Over the past year, Edwards Life has traded in a range of $133.34 to $197.86 and is now at $180.58, 35% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.2%.

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 inside day candle edwards life

Ticker(s): EW