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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Medidata Solutions (NASDAQ:MDSO) based on the price action in the company's shares. Yesterday's price range of $68.99 and $70.25 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 Solutions may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Medidata Solutions (NASDAQ:MDSO) defies analysts with a current price ($69.25) 10.6% above its average consensus price target of $61.89. The stock should find initial support at its 200-day moving average (MA) of $43.54 and further support at its 50-day MA of $39.04.

Medidata Solutions share prices have moved between a 52-week high of $127.77 and a 52-week low of $26.72 and closed yesterday at 159% above that low price at $69.25 per share. The 200-day and 50-day moving averages have moved 0.71% lower and 1.51% higher over the past week, respectively.

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.

SmarTrend recommended that subscribers consider buying shares of Medidata Solutions on February 10th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $57.86. Since that recommendation, shares of Medidata Solutions have risen 19.7%. We continue to monitor MDSO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle medidata solutions

Ticker(s): MDSO