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Possible Bullish Inside Day Candle Pattern Detected for Anthem Inc (NYSE:ANTM)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Anthem Inc (NYSE:ANTM) based on the price action in the company's shares. Yesterday's price range of $255.84 and $263.50 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 Anthem 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.

Anthem Inc. is a health benefits company. The Company provides health, dental and vision, and pharmacy benefits, as well as life insurance, and life and disability insurance benefits. Anthem offers a broad spectrum of network-based managed care plans to large and small employer, individual, medicaid, and medicare markets.

In the past 52 weeks, Anthem Inc share prices have been bracketed by a low of $219.34 and a high of $317.99 and closed yesterday at $262.88, 20% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.7%.

Anthem Inc has overhead space with shares priced $262.88, or 4.6% below the average consensus analyst price target of $275.67. The stock should run into initial resistance at its 200-day moving average (MA) of $274.52 and subsequent resistance at its 50-day MA of $298.25.

SmarTrend is tracking the current trend status for Anthem Inc and will alert subscribers who have ANTM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle anthem inc

Ticker(s): ANTM