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Possible Bearish Inside Day Candle Pattern Detected for Ensign Group Inc (NASDAQ:ENSG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ensign Group Inc (NASDAQ:ENSG) based on the price action in the company's shares. Yesterday's price range of $50.13 and $50.85 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 Ensign Group Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Ensign Group Inc has traded in a range of $25.80 to $54.56 and closed yesterday at $50.92, 97% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.1%.

Ensign Group, Inc. operates facilities offering nursing and rehabilitative care services in multiple states. The Company provides a broad spectrum of nursing and assisted living services, physical, occupational and speech therapies, and other rehabilitative and healthcare services, for both long-term residents and short-stay rehabilitation patients.

Ensign Group Inc (NASDAQ:ENSG) is currently priced 42.1% above its average consensus analyst price target of $29.50. The stock should discover initial support at its 50-day moving average (MA) of $48.33 and subsequent support at its 200-day MA of $41.62.

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

Keywords: bearish am inside day candle ensign group inc

Ticker(s): ENSG