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Possible Bearish Inside Day Candle Pattern Detected for Insulet Corp (NASDAQ:PODD)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Insulet Corp (NASDAQ:PODD) based on the price action in the company's shares. Yesterday's price range of $155.89 and $163.38 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 Insulet Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Insulet Corporation is a medical device company that develops, manufactures and markets an insulin infusion system for people with insulin-dependent diabetes.

Insulet Corp (NASDAQ:PODD) is currently priced 40.1% above its average consensus analyst price target of $94.07. The stock should discover initial support at its 50-day moving average (MA) of $132.09 and subsequent support at its 200-day MA of $100.67.

In the past 52 weeks, Insulet Corp share prices have been bracketed by a low of $70.80 and a high of $167.05 and closed yesterday at $157.12, 122% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 1.6% while the 50-day MA has advanced 2.7%.

SmarTrend recommended that subscribers consider buying shares of Insulet Corp on May 3rd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $93.08. Since that recommendation, shares of Insulet Corp have risen 80.4%. We continue to monitor PODD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle insulet corp

Ticker(s): PODD