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Possible Bearish Inside Day Candle Pattern Detected for Radnet Inc (NASDAQ:RDNT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Radnet Inc (NASDAQ:RDNT) based on the price action in the company's shares. Today's price range of $15.13 and $15.85 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 Radnet Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 7.5% for shares of Radnet Inc based on a current price of $15.19 and an average consensus analyst price target of $16.33. The stock should discover initial support at its 200-day moving average (MA) of $13.68 and subsequent support at its 50-day MA of $13.08.

RadNet, Inc. owns and operates outpatient diagnostic imaging centers. The Company's centers are located throughout California.

In the past 52 weeks, shares of Radnet Inc have traded between a low of $9.65 and a high of $16.54 and are now at $15.19, which is 57% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 2.4%.

SmarTrend recommended that subscribers consider buying shares of Radnet Inc on January 11th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.46. Since that recommendation, shares of Radnet Inc have risen 38.5%. We continue to monitor RDNT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle radnet inc

Ticker(s): RDNT