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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Centene (NYSE:CNC) based on the price action in the company's shares. Yesterday's price range of $71.43 and $72.28 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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Centene share prices have moved between a 52-week high of $83.00 and a 52-week low of $47.36 and closed yesterday at 52% above that low price at $72.11 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has slid 0.4%.

Centene (NYSE:CNC) has potential upside of 14.0% based on a current price of $72.11 and analysts' consensus price target of $82.21. Centene shares have support at the 200-day moving average (MA) of $61.11 and additional support at the 50-day MA of $60.39.

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.

SmarTrend recommended that subscribers consider buying shares of Centene on May 31st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $62.30. Since that recommendation, shares of Centene have risen 14.5%. We continue to monitor CNC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle centene

Ticker(s): CNC