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

By David Diaz

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. Today's price range of $63.90 and $66.04 is within yesterday'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 (NYSE:CNC) has potential upside of 28.4% based on a current price of $64.05 and analysts' consensus price target of $82.21. The stock should discover initial support at its 200-day moving average (MA) of $61.11 and subsequent support at its 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.

In the past 52 weeks, shares of Centene have traded between a low of $47.36 and a high of $83.00 and are now at $64.05, which is 35% above that low price. The 200-day and 50-day moving averages have moved 0.4% lower and 0.66% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Centene on September 6th, 2016 by issuing a Downtrend alert when the shares were trading at $65.54. Since that call, shares of Centene have fallen 3.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle centene

Ticker(s): CNC