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Possible Bearish Inside Day Candle Pattern Detected for Haemonetics Corp (NYSE:HAE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Haemonetics Corp (NYSE:HAE) based on the price action in the company's shares. Yesterday's price range of $134.67 and $136.28 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 Haemonetics Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Haemonetics Corporation, a healthcare company, provides hematology products and solutions. The company operates through five segments: North America Plasma; Americas Blood Center and Hospital; Europe, Middle East and Africa; Asia Pacific; and Japan.

In the past 52 weeks, Haemonetics Corp share prices have been bracketed by a low of $80.23 and a high of $137.49 and closed yesterday at $134.80, 68% above that low price. The 200-day and 50-day moving averages have moved 0.43% higher and 1.89% higher over the past week, respectively.

Based on a current price of $134.80, Haemonetics Corp is currently 36.0% above its average consensus analyst price target of $86.33. The stock should find initial support at its 50-day moving average (MA) of $119.47 and further support at its 200-day MA of $101.26.

SmarTrend recommended that subscribers consider buying shares of Haemonetics Corp on May 1st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $89.64. Since that recommendation, shares of Haemonetics Corp have risen 53.3%. We continue to monitor HAE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle haemonetics corp

Ticker(s): HAE