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Possible Bearish Inside Day Candle Pattern Detected for Mednax Inc (NYSE:MD)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mednax Inc (NYSE:MD) based on the price action in the company's shares. Yesterday's price range of $27.22 and $28.15 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 Mednax Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

MEDNAX, Inc., through a subsidiary, provides physician management services to hospital-based neonatal, maternal-fetal, pediatric cardiology, and pediatric intensive care specialties. The Company also manages anesthesia practices.

Potential upside of 87.9% exists for Mednax Inc, based on a current level of $27.38 and analysts' average consensus price target of $51.44. The stock should find initial support at its 200-day moving average (MA) of $25.39 and further support at its 50-day MA of $24.61.

In the past 52 weeks, Mednax Inc share prices have been bracketed by a low of $19.93 and a high of $39.96 and closed yesterday at $27.38, 37% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has slid 0.9%.

SmarTrend recommended that subscribers consider buying shares of Mednax Inc on November 1st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $24.01. Since that recommendation, shares of Mednax Inc have risen 14.1%. We continue to monitor MD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle mednax inc

Ticker(s): MD