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Possible Bearish Inside Day Candle Pattern Detected for Laboratory Corp of America Holdings (NYSE:LH)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Laboratory Corp of America Holdings (NYSE:LH) based on the price action in the company's shares. Yesterday's price range of $138.85 and $140.13 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 Laboratory Corp of America Holdings may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Laboratory Corporation of America Holdings is a clinical laboratory organiza- tion. The Company offers a wide range of clinical laboratory tests which are used by the medical profession in routine testing, patient diagnosis, and in the monitoring and treatment of disease. Laboratory Corporation operates a network of laboratories and service sites which serve clients across the United States.

Over the past year, Laboratory Corp of America Holdings has traded in a range of $97.79 to $141.32 and closed yesterday at $139.12, 42% above that low. The 200-day and 50-day moving averages have moved 0.04% higher and 1.05% higher over the past week, respectively.

Laboratory Corp of America Holdings (NYSE:LH) has potential upside of 0.5% based on a current price of $139.12 and analysts' consensus price target of $139.75. The stock should discover initial support at its 200-day moving average (MA) of $117.66 and subsequent support at its 50-day MA of $117.16.

SmarTrend recommended that subscribers consider buying shares of Laboratory Corp of America Holdings on February 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $110.54. Since that recommendation, shares of Laboratory Corp of America Holdings have risen 27.1%. We continue to monitor LH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle laboratory corp of america holdings

Ticker(s): LH