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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in WellCare Health Plans (NYSE:WCG) based on the price action in the company's shares. Yesterday's price range of $102.83 and $104.81 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 Plans may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

WellCare Health Plans (NYSE:WCG) is currently priced 10.0% above its average consensus analyst price target of $92.67. WellCare Health Plans shares have support at the 50-day moving average (MA) of $91.88 and additional support at the 200-day MA of $85.38.

WellCare Health Plans Inc provides managed care services targeted exclusively to government-sponsored healthcare programs. The Company operates health plans in multiple states.

WellCare Health Plans share prices have moved between a 52-week high of $105.49 and a 52-week low of $69.16 and closed yesterday at 49% above that low price at $102.96 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.5%.

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

Keywords: bearish am inside day candle wellcare health plans

Ticker(s): WCG