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Possible Bearish Inside Day Candle Pattern Detected for Quality Systems (NASDAQ:QSII)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Quality Systems (NASDAQ:QSII) based on the price action in the company's shares. Today's price range of $16.55 and $16.79 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 Quality Systems may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $16.75, Quality Systems is currently 20.4% above its average consensus analyst price target of $13.33. The stock should find initial support at its 50-day moving average (MA) of $14.66 and further support at its 200-day MA of $14.37.

Quality Systems, Inc. develops and markets healthcare information systems. The Company's systems automate medical and dental group practices, physical hospital organizations, management service organizations, community health centers, and dental schools.

Over the past year, Quality Systems has traded in a range of $10.61 to $50.70 and is now at $16.75, 58% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has slid 0.4%.

SmarTrend recommended that subscribers consider buying shares of Quality Systems on June 1st, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $15.50. Since that recommendation, shares of Quality Systems have risen 8.4%. We continue to monitor QSII for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle quality systems

Ticker(s): QSII