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Possible Bullish Inside Day Candle Pattern Detected for Acadia Healthcare (NASDAQ:ACHC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Acadia Healthcare (NASDAQ:ACHC) based on the price action in the company's shares. Yesterday's price range of $52.21 and $53.97 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. Traders and investors interested in shares of Acadia Healthcare may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Acadia Healthcare has overhead space with shares priced $53.32, or 40.8% below the average consensus analyst price target of $90.14. The stock should find initial resistance at its 50-day moving average (MA) of $56.82 and further resistance at its 200-day MA of $64.60.

Acadia Healthcare Company, Inc. engages in the provision of behavioral healthcare services in the United States. It operates acute inpatient psychiatric facilities that provide evaluation and crisis stabilization of patients with severe psychiatric diagnoses.

In the past 52 weeks, Acadia Healthcare share prices have been bracketed by a low of $49.77 and a high of $85.62 and closed yesterday at $53.32, 7% above that low price. The 200-day and 50-day moving averages have moved 0.62% lower and 0.71% higher over the past week, respectively.

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

Keywords: bullish am inside day candle acadia healthcare

Ticker(s): ACHC