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Possible Bearish Inside Day Candle Pattern Detected for Model N Inc (NYSE:MODN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Model N Inc (NYSE:MODN) based on the price action in the company's shares. Yesterday's price range of $19.64 and $20.04 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 Model N 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 21.3% exists for Model N Inc, based on a current level of $19.78 and analysts' average consensus price target of $24.00. The stock should discover initial support at its 50-day moving average (MA) of $18.45 and subsequent support at its 200-day MA of $16.18.

In the past 52 weeks, shares of Model N Inc have traded between a low of $12.60 and a high of $20.32 and closed yesterday at $19.78, which is 57% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has risen 0.4%.

Model N, Inc. provides revenue management solutions. The Company offers management platform that allows access to large organizations to manage their revenue life cycles across various product lines and divisions. Model N serves life science and technology industries worldwide.

SmarTrend recommended that subscribers consider buying shares of Model N Inc on February 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $16.44. Since that recommendation, shares of Model N Inc have risen 20.3%. We continue to monitor MODN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle model n inc

Ticker(s): MODN