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Possible Bearish Inside Day Candle Pattern Detected for Universal Health Services (NYSE:UHS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Universal Health Services (NYSE:UHS) based on the price action in the company's shares. Today's price range of $124.26 and $125.46 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 Universal Health Services may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Universal Health Services, Inc. owns and operates acute care hospitals, behavioral health centers, ambulatory surgery centers, radiation oncology centers, and women's centers. The Company provides services such as general surgery, internal medicine, obstetrics, radiology, pediatric services, and behavioral health services. Universal operates facilities in the United States.

Over the past year, Universal Health Services has traded in a range of $99.72 to $148.57 and is now at $124.57, 25% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.6%.

Universal Health Services (NYSE:UHS) has potential upside of 9.0% based on a current price of $124.57 and analysts' consensus price target of $135.83. The stock should discover initial support at its 200-day moving average (MA) of $124.01 and subsequent support at its 50-day MA of $121.96.

SmarTrend recommended that subscribers consider buying shares of Universal Health Services on February 10th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $116.38. Since that recommendation, shares of Universal Health Services have risen 8.2%. We continue to monitor UHS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle universal health services

Ticker(s): UHS