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Possible Bullish Inside Day Candle Pattern Detected for Amedisys Inc (NASDAQ:AMED)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Amedisys Inc (NASDAQ:AMED) based on the price action in the company's shares. Yesterday's price range of $110.92 and $111.64 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 Amedisys Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Amedisys Inc has traded in a range of $71.06 to $140.91 and closed yesterday at $111.05, 56% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has risen 0.2%.

Amedisys, Inc. is a multi-regional provider of alternate-site health care services. The Company offers home health care nursing, home infusion therapy, and ambulatory surgery centers. Amedisys operates offices within a network of subsidiaries in the southern and southeastern United States.

Amedisys Inc (NASDAQ:AMED) is currently priced 31.9% above its average consensus analyst price target of $75.57. The stock should run into initial resistance at its 200-day moving average (MA) of $120.79 and subsequent resistance at its 50-day MA of $121.87.

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

Keywords: bullish am inside day candle amedisys inc

Ticker(s): AMED