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Possible Bearish Inside Day Candle Pattern Detected for Healthcare Servs (NASDAQ:HCSG)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Healthcare Servs (NASDAQ:HCSG) based on the price action in the company's shares. Today's price range of $24.82 and $25.21 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 Healthcare Servs may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Healthcare Servs share prices have been bracketed by a low of $21.16 and a high of $48.73 and are now at $25.21, 19% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 2.2%.

Healthcare Services Group, Inc. provides housekeeping, laundry, linen, facility maintenance, and food services. The Company offers its services to the health care industry, including nursing homes, retirement complexes, rehabilitation centers, and hospitals. Healthcare Services operates in the United States and Canada.

Healthcare Servs (NASDAQ:HCSG) has potential upside of 95.7% based on a current price of $25.21 and analysts' consensus price target of $49.33. Healthcare Servs shares should first meet resistance at the 50-day moving average (MA) of $25.63 and find additional resistance at the 200-day MA of $34.21.

SmarTrend recommended that its subscribers protect gains by selling shares of Healthcare Servs on February 6th, 2019 by issuing a Downtrend alert when the shares were trading at $39.53. Since that call, shares of Healthcare Servs have fallen 36.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle healthcare servs

Ticker(s): HCSG