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Possible Bullish Inside Day Candle Pattern Detected for Centene Corp (NYSE:CNC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Centene Corp (NYSE:CNC) based on the price action in the company's shares. Yesterday's price range of $45.25 and $46.12 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 Centene Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Centene Corp have traded between a low of $44.50 and a high of $74.49 and closed yesterday at $45.40, which is 2% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 1.1%.

Centene Corporation is a multi-line managed care organization that provides medicaid and medicaid-related programs. The Company has health plans in several states. The Company also provides specialty services, including behavioral health, nurse triage, and treatment compliance.

There is potential upside of 185.2% for shares of Centene Corp based on a current price of $45.40 and an average consensus analyst price target of $129.50. The stock should run into initial resistance at its 50-day moving average (MA) of $49.30 and subsequent resistance at its 200-day MA of $55.96.

SmarTrend recommended that its subscribers protect gains by selling shares of Centene Corp on June 27th, 2019 by issuing a Downtrend alert when the shares were trading at $52.25. Since that call, shares of Centene Corp have fallen 13.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle centene corp

Ticker(s): CNC