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Possible Bearish Inside Day Candle Pattern Detected for Wright Medical G (NASDAQ:WMGI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wright Medical G (NASDAQ:WMGI) based on the price action in the company's shares. Today's price range of $31.76 and $31.76 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 Wright Medical G may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Wright Medical Group N.V. operates as a medical device company. The Company offers surgical solutions for the upper and lower extremities and biologics markets. Wright Medical Group provides joint replacement, trauma, sports medicine, and biologic products to treat the extremities, as well as joint replacement products for the hip and knee in certain international markets.

Wright Medical G (NASDAQ:WMGI) defies analysts with a current price ($31.76) 14.5% above its average consensus price target of $27.17. The stock should find initial support at its 50-day moving average (MA) of $30.44 and further support at its 200-day MA of $29.18.

Wright Medical G share prices have moved between a 52-week high of $32.86 and a 52-week low of $22.55 and are now trading 41% above that low price at $31.76 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has risen 0.3%.

SmarTrend recommended that subscribers consider buying shares of Wright Medical G on May 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $30.55. Since that recommendation, shares of Wright Medical G have risen 4.1%. We continue to monitor WMGI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle wright medical g

Ticker(s): WMGI