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Possible Bearish Inside Day Candle Pattern Detected for Wellcare Health (NYSE:WCG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wellcare Health (NYSE:WCG) based on the price action in the company's shares. Yesterday's price range of $299.17 and $302.36 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 Wellcare Health may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Wellcare Health has traded in a range of $220.63 to $303.40 and closed yesterday at $299.65, 36% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

Wellcare Health (NYSE:WCG) is currently priced 19.6% above its average consensus analyst price target of $240.80. The stock should find initial support at its 50-day moving average (MA) of $273.26 and further support at its 200-day MA of $272.74.

WellCare Health Plans, Inc. provides government-sponsored managed care services. The company operates in three segments: Medicaid Health Plans, Medicare Health Plans, and Medicare Prescription Drug Plans (PDPs).

SmarTrend is tracking the current trend status for Wellcare Health and will alert subscribers who have WCG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle wellcare health

Ticker(s): WCG