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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in ResMed (NYSE:RMD) based on the price action in the company's shares. Yesterday's price range of $69.45 and $69.89 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 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.

In the past 52 weeks, ResMed share prices have been bracketed by a low of $48.99 and a high of $70.90 and closed yesterday at $69.78, 42% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

ResMed (NYSE:RMD) defies analysts with a current price ($69.78) 12.3% above its average consensus price target of $61.18. ResMed shares have support at the 50-day moving average (MA) of $58.01 and additional support at the 200-day MA of $55.89.

SmarTrend recommended that subscribers consider buying shares of ResMed on May 31st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $58.83. Since that recommendation, shares of ResMed have risen 19.1%. We continue to monitor RMD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle resmed

Ticker(s): RMD