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Possible Bearish Inside Day Candle Pattern Detected for Laboratory Cp (NYSE:LH)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Laboratory Cp (NYSE:LH) based on the price action in the company's shares. Yesterday's price range of $152.90 and $153.31 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 Cp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Laboratory Cp (NYSE:LH) has potential upside of 27.6% based on a current price of $152.82 and analysts' consensus price target of $194.94. The stock should find resistance at its 200-day moving average (MA) of $162.36, as well as support at its 50-day MA of $141.16.

In the past 52 weeks, shares of Laboratory Cp have traded between a low of $119.38 and a high of $190.36 and closed yesterday at $152.82, which is 28% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.6%.

Laboratory Corporation of America Holdings is a clinical laboratory company that offers clinical laboratory tests used by the medical profession in routine testing, patient diagnosis, and in the monitoring and treatment of disease. The Company develops specialty testing operations, such as oncology testing, HIV genotyping, and phenotyping, diagnostic genetics, and clinical trials.

SmarTrend recommended that subscribers consider buying shares of Laboratory Cp on January 16th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $132.90. Since that recommendation, shares of Laboratory Cp have risen 16.6%. 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 cp

Ticker(s): LH