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Possible Bullish Inside Day Candle Pattern Detected for Community Health (NYSE:CHCT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Community Health (NYSE:CHCT) based on the price action in the company's shares. Yesterday's price range of $41.12 and $41.93 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 Community Health may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Community Health (NYSE:CHCT) is currently priced 29.7% above its average consensus analyst price target of $29.00. Community Health shares should encounter resistance at the 50-day moving average (MA) of $41.74 and support at its 200-day MA of $36.01.

Over the past year, Community Health has traded in a range of $27.54 to $43.89 and closed yesterday at $41.28, 50% above that low. The 200-day and 50-day moving averages have moved 0.74% higher and 0.72% higher over the past week, respectively.

Community Healthcare Trust, Inc. is a fully-integrated healthcare real estate company. The Company was organized as a Maryland corporation to acquire and own properties that are leased to hospitals, doctors, healthcare systems or other healthcare service providers in Non-Urban markets.

SmarTrend recommended that subscribers consider buying shares of Community Health on March 20th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $34.75. Since that recommendation, shares of Community Health have risen 18.1%. We continue to monitor CHCT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle community health

Ticker(s): CHCT