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Possible Bearish Inside Day Candle Pattern Detected for Varian Medical S (NYSE:VAR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Varian Medical S (NYSE:VAR) based on the price action in the company's shares. Yesterday's price range of $124.47 and $124.61 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 Varian Medical S 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 Varian Medical S have traded between a low of $101.42 and a high of $130.29 and closed yesterday at $124.01, which is 22% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

Varian Medical Systems, Inc. designs, manufactures, sells, and services medical equipment. The Company offers radiotherapy, radiosurgery, X-ray tube technology, digital image detectors, cargo screening, and non-destructive testing equipment. Varian Medical Systems serves the healthcare sector globally.

Based on a current price of $124.01, Varian Medical S is currently 3.0% above its average consensus analyst price target of $120.25. The stock should discover initial support at its 50-day moving average (MA) of $118.04 and subsequent support at its 200-day MA of $115.96.

SmarTrend is monitoring the recent change of momentum in Varian Medical S. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Varian Medical S in search of a potential trend change.

Keywords: bearish am inside day candle varian medical s

Ticker(s): VAR