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

By Shiri Gupta

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 $26.08 and $26.71 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 share prices have moved between a 52-week high of $48.77 and a 52-week low of $24.30 and closed yesterday at 10% above that low price at $26.72 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 0.6%.

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.

Mednax Inc has overhead space with shares priced $26.72, or 48.1% below the average consensus analyst price target of $51.44. The stock should find initial resistance at its 50-day moving average (MA) of $27.36 and further resistance at its 200-day MA of $36.26.

SmarTrend is tracking the current trend status for Mednax Inc and will alert subscribers who have MD in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle mednax inc

Ticker(s): MD