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Possible Bearish Inside Day Candle Pattern Detected for Premier Inc-Cl A (NASDAQ:PINC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Premier Inc-Cl A (NASDAQ:PINC) based on the price action in the company's shares. Yesterday's price range of $33.16 and $33.31 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 Premier Inc-Cl A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Premier Inc-Cl A share prices have moved between a 52-week high of $47.22 and a 52-week low of $28.81 and closed yesterday at 15% above that low price at $33.05 per share. The 200-day and 50-day moving averages have moved 0.17% lower and 0.71% lower over the past week, respectively.

Premier Inc-Cl A has overhead space with shares priced $33.05, or 10.9% below the average consensus analyst price target of $37.09. Premier Inc-Cl A shares should first meet resistance at the 50-day moving average (MA) of $34.76 and find additional resistance at the 200-day MA of $39.11.

Premier, Inc., together with its subsidiaries, operates as a healthcare improvement company in the United States. The company operates through two segments, Supply Chain Services and Performance Services.

SmarTrend recommended that its subscribers protect gains by selling shares of Premier Inc-Cl A on February 27th, 2019 by issuing a Downtrend alert when the shares were trading at $35.74. Since that call, shares of Premier Inc-Cl A have fallen 6.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle premier inc-cl a

Ticker(s): PINC