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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. Today's price range of $101.11 and $101.96 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 Quest Diagnostic may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Quest Diagnostic share prices have been bracketed by a low of $78.95 and a high of $116.49 and are now at $101.72, 29% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has remained constant.

Potential upside of 8.7% exists for Quest Diagnostic, based on a current level of $101.72 and analysts' average consensus price target of $110.53. The stock should discover initial support at its 50-day moving average (MA) of $95.67 and subsequent support at its 200-day MA of $93.62.

Quest Diagnostics Incorporated provides diagnostic testing, information, and services in the United States and internationally. The company develops and delivers diagnostic testing information and services, such as routine testing, non-routine and advanced clinical testing, anatomic pathology testing, and other diagnostic information services.

SmarTrend recommended that subscribers consider buying shares of Quest Diagnostic on April 24th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $94.36. Since that recommendation, shares of Quest Diagnostic have risen 8.0%. We continue to monitor DGX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle quest diagnostic

Ticker(s): DGX