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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 $29.89 and $29.98 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.

Over the past year, Wright Medical G has traded in a range of $19.01 to $32.83 and is now at $29.98, 58% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has risen 0.2%.

Wright Medical G (NASDAQ:WMGI) defies analysts with a current price ($29.98) 9.4% above its average consensus price target of $27.17. Wright Medical G shares should encounter resistance at the 50-day moving average (MA) of $30.63 and support at its 200-day MA of $28.62.

SmarTrend is tracking the current trend status for Wright Medical G and will alert subscribers who have WMGI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle wright medical g

Ticker(s): WMGI