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Possible Bearish Inside Day Candle Pattern Detected for Medidata Solutio (NASDAQ:MDSO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Medidata Solutio (NASDAQ:MDSO) based on the price action in the company's shares. Yesterday's price range of $66.67 and $67.88 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 Medidata Solutio 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, shares of Medidata Solutio have traded between a low of $41.65 and a high of $85.92 and closed yesterday at $67.59, which is 62% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 1.5%.

Medidata Solutions, Inc. provides hosted clinical development solutions. The Company's solutions include comprehensive platform that integrates electronic data capture, or EDC, with a clinical data management system, or CDMS, in a single solution that replaces traditional paper-based methods of capturing and managing clinical data.

There is potential upside of 22.2% for shares of Medidata Solutio based on a current price of $67.59 and an average consensus analyst price target of $82.60. Medidata Solutio shares have support at the 200-day moving average (MA) of $43.54 and additional support at the 50-day MA of $39.04.

SmarTrend is monitoring the recent change of momentum in Medidata Solutio. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Medidata Solutio in search of a potential trend change.

Keywords: bearish am inside day candle medidata solutio

Ticker(s): MDSO