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Possible Bearish Inside Day Candle Pattern Detected for Resmed Inc (NYSE:RMD)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Resmed Inc (NYSE:RMD) based on the price action in the company's shares. Yesterday's price range of $175.23 and $176.14 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 Resmed Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

ResMed Inc. develops, manufactures, and markets medical equipment for the treatment of sleep disordered breathing. The Company sells diagnostic and treatment devices in various countries through its subsidiaries and independent distributors.

Based on a current price of $174.80, Resmed Inc is currently 43.7% above its average consensus analyst price target of $98.35. The stock should discover initial support at its 50-day moving average (MA) of $160.14 and subsequent support at its 200-day MA of $137.39.

Over the past year, Resmed Inc has traded in a range of $96.63 to $176.70 and closed yesterday at $174.80, 81% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.7%.

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

Keywords: bearish am inside day candle resmed inc

Ticker(s): RMD