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Possible Bearish Inside Day Candle Pattern Detected for Quest Diagnostic (NYSE:DGX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Quest Diagnostic (NYSE:DGX) based on the price action in the company's shares. Yesterday's price range of $107.88 and $108.41 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 Quest Diagnostic may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Quest Diagnostics Incorporated provides diagnostic testing, information, and services. The Company operates a national network of full-service laboratories, rapid response laboratories, and patient service centers. Quest Diagnostics offers esoteric, routine medical, drugs of abuse, and non-hospital-based anatomic pathology testing services.

Quest Diagnostic has overhead space with shares priced $107.99, or 2.3% below the average consensus analyst price target of $110.53. The stock should discover initial support at its 50-day moving average (MA) of $105.87 and subsequent support at its 200-day MA of $101.77.

In the past 52 weeks, Quest Diagnostic share prices have been bracketed by a low of $82.59 and a high of $108.95 and closed yesterday at $107.99, 31% above that low price. The 200-day and 50-day moving averages have moved 0.25% higher and 0.37% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Quest Diagnostic and will alert subscribers who have DGX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle quest diagnostic

Ticker(s): DGX