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Possible Bearish Inside Day Candle Pattern Detected for Stericycle Inc (NASDAQ:SRCL)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Stericycle Inc (NASDAQ:SRCL) based on the price action in the company's shares. Today's price range of $46.70 and $46.88 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 Stericycle Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Stericycle, Inc. provides regulated medical waste management services. The Company offers waste collection, transportation, treatment, and disposal to customers in the United States, Canada, Mexico, Argentina, Chile, the United Kingdom, and Ireland.

In the past 52 weeks, shares of Stericycle Inc have traded between a low of $34.36 and a high of $71.30 and are now at $46.82, which is 36% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 1.8%.

There is potential upside of 70.1% for shares of Stericycle Inc based on a current price of $46.82 and an average consensus analyst price target of $79.62. The stock should run into initial resistance at its 200-day moving average (MA) of $49.02 and subsequent resistance at its 50-day MA of $50.49.

SmarTrend recommended that its subscribers protect gains by selling shares of Stericycle Inc on May 3rd, 2019 by issuing a Downtrend alert when the shares were trading at $49.94. Since that call, shares of Stericycle Inc have fallen 5.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle stericycle inc

Ticker(s): SRCL