• Return to Headlines

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 $26.86 and $27.05 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.

Potential upside of 91.5% exists for Mednax Inc, based on a current level of $26.86 and analysts' average consensus price target of $51.44. The stock should find initial resistance at its 50-day moving average (MA) of $30.32 and further resistance at its 200-day MA of $38.81.

In the past 52 weeks, shares of Mednax Inc have traded between a low of $25.47 and a high of $53.17 and closed yesterday at $26.86, which is 5% above that low price. The 200-day and 50-day moving averages have moved 0.65% lower and 1.72% lower over the past week, respectively.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Mednax Inc on February 11th, 2019 by issuing a Downtrend alert when the shares were trading at $34.27. Since that call, shares of Mednax Inc have fallen 20.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle mednax inc

Ticker(s): MD