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Possible Bearish Inside Day Candle Pattern Detected for Molina Healthcar (NYSE:MOH)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Molina Healthcar (NYSE:MOH) based on the price action in the company's shares. Yesterday's price range of $146.23 and $150.78 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 Molina Healthcar may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Molina Healthcare Inc. is a managed care organization. The Company arranges for the delivery of health care services to persons eligible for Medicaid and other programs for low-income families and individuals. Molina Healthcare has health plans in California, Washington, Utah, and Michigan, as well as primary care clinics located in Northern and Southern California.

In the past 52 weeks, shares of Molina Healthcar have traded between a low of $95.24 and a high of $159.00 and closed yesterday at $147.33, which is 55% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Molina Healthcar (NYSE:MOH) defies analysts with a current price ($147.33) 37.7% above its average consensus price target of $91.78. The stock should find initial support at its 200-day moving average (MA) of $135.26 and further support at its 50-day MA of $134.91.

SmarTrend recommended that subscribers consider buying shares of Molina Healthcar on April 30th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $131.42. Since that recommendation, shares of Molina Healthcar have risen 14.7%. We continue to monitor MOH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle molina healthcar

Ticker(s): MOH