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Possible Bearish Inside Day Candle Pattern Detected for Express Scripts (NASDAQ:ESRX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Express Scripts (NASDAQ:ESRX) based on the price action in the company's shares. Yesterday's price range of $78.67 and $79.50 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 Express Scripts 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, Express Scripts has traded in a range of $55.80 to $85.07 and closed yesterday at $79.17, 42% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has risen 0.4%.

Potential upside of 8.8% exists for Express Scripts, based on a current level of $79.17 and analysts' average consensus price target of $86.12. The stock should discover initial support at its 50-day moving average (MA) of $73.96 and subsequent support at its 200-day MA of $70.03.

Express Scripts Holding Company is a full service pharmacy benefit management and specialty managed care company serving clients throughout North America. The Company's customers include managed care organizations, insurance carriers, third party administrators, employers, and union-sponsored benefit plans.

SmarTrend recommended that subscribers consider buying shares of Express Scripts on May 16th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $73.58. Since that recommendation, shares of Express Scripts have risen 8.1%. We continue to monitor ESRX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Express Scripts

Ticker(s): ESRX