Possible Bearish Inside Day Candle Pattern Detected for NuVasive (NASDAQ:NUVA)
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. Today's price range of $53.50 and $54.36 is within yesterday'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.
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 9.2% for shares of NuVasive based on a current price of $53.55 and an average consensus analyst price target of $58.47. The stock should discover initial support at its 200-day moving average (MA) of $49.60 and subsequent support at its 50-day MA of $46.43.
In the past 52 weeks, shares of NuVasive have traded between a low of $36.81 and a high of $56.61 and are now at $53.55, which is 45% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.6% while the 200-day MA has risen 0.2%.
SmarTrend recommended that subscribers consider buying shares of NuVasive on March 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $43.48. Since that recommendation, shares of NuVasive have risen 25.2%. We continue to monitor NUVA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish inside day candle nuvasive