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Possible Bearish Inside Day Candle Pattern Detected for NuVasive (NASDAQ:NUVA)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in NuVasive (NASDAQ:NUVA) based on the price action in the company's shares. Yesterday's price range of $74.63 and $75.30 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 NuVasive may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, NuVasive share prices have been bracketed by a low of $36.81 and a high of $76.31 and closed yesterday at $75.02, 104% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.2% while the 200-day MA has remained constant.

NuVasive, Inc. designs, develops, and markets products for the surgical treatment of spine disorders. The Company's products include Maximum Access Surgery (MAS) and Fusion products.

There is potential upside of 6.4% for shares of NuVasive based on a current price of $75.02 and an average consensus analyst price target of $79.86. The stock should find initial support at its 200-day moving average (MA) of $49.69 and further support at its 50-day MA of $48.04.

SmarTrend is monitoring the recent change of momentum in NuVasive. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of NuVasive in search of a potential trend change.

Keywords: bearish am inside day candle nuvasive

Ticker(s): NUVA