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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Stericycle (NASDAQ:SRCL) based on the price action in the company's shares. Yesterday's price range of $82.27 and $83.95 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 Stericycle 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, shares of Stericycle have traded between a low of $71.52 and a high of $151.57 and closed yesterday at $82.32, which is 15% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has slid 0.6%.

Stericycle has overhead space with shares priced $82.32, or 7.2% below the average consensus analyst price target of $88.71. Stericycle shares should first meet resistance at the 50-day moving average (MA) of $119.15 and find additional resistance at the 200-day MA of $126.31.

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.

SmarTrend recommended that subscribers consider buying shares of Stericycle on January 17th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $79.92. Since that recommendation, shares of Stericycle have risen 3.0%. We continue to monitor SRCL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle stericycle

Ticker(s): SRCL