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Possible Bearish Inside Day Candle Pattern Detected for Mckesson Corp (NYSE:MCK)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mckesson Corp (NYSE:MCK) based on the price action in the company's shares. Today's price range of $144.00 and $144.40 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 Mckesson Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Mckesson Corp has overhead space with shares priced $144.40, or 19.4% below the average consensus analyst price target of $179.25. Mckesson Corp shares have support at the 50-day moving average (MA) of $137.62 and additional support at the 200-day MA of $126.20.

In the past 52 weeks, shares of Mckesson Corp have traded between a low of $106.11 and a high of $149.99 and are now at $144.40, which is 36% above that low price. The 200-day and 50-day moving averages have moved 0.21% higher and 0.86% higher over the past week, respectively.

McKesson Corporation distributes pharmaceuticals, medical-surgical supplies, and health and beauty care products throughout North America. The Company also develops, implements, and supports software that facilitates the integration of data throughout the health enterprise. In addition, McKesson offers analytic, care management, and patient solutions for payers.

SmarTrend recommended that subscribers consider buying shares of Mckesson Corp on June 10th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $132.10. Since that recommendation, shares of Mckesson Corp have risen 10.8%. We continue to monitor MCK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle McKesson Corp

Ticker(s): MCK