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Possible Bearish Inside Day Candle Pattern Detected for Osi Systems Inc (NASDAQ:OSIS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Osi Systems Inc (NASDAQ:OSIS) based on the price action in the company's shares. Yesterday's price range of $109.28 and $109.87 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 Osi Systems Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

OSI Systems, Inc. produces medical monitoring and anesthesia systems; security and inspection systems; and lasers, optics, and optoelectronic components. The Company's products include blood pressure monitors, anesthesia machines and hemoglobin saturation monitors; systems for inspecting baggage, people, and vehicles; and lasers, lenses, prisms, and microelectronic components.

Osi Systems Inc (NASDAQ:OSIS) defies analysts with a current price ($109.55) 22.3% above its average consensus price target of $85.17. The stock should find initial support at its 50-day moving average (MA) of $96.21 and further support at its 200-day MA of $82.14.

In the past 52 weeks, shares of Osi Systems Inc have traded between a low of $65.13 and a high of $111.56 and closed yesterday at $109.55, which is 68% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.8%.

SmarTrend recommended that subscribers consider buying shares of Osi Systems Inc on November 7th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $74.50. Since that recommendation, shares of Osi Systems Inc have risen 48.8%. We continue to monitor OSIS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle osi systems inc

Ticker(s): OSIS