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Possible Bullish Inside Day Candle Pattern Detected for DaVita (NYSE:DVA)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in DaVita (NYSE:DVA) based on the price action in the company's shares. Today's price range of $63.76 and $64.14 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 DaVita may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 32.0% exists for DaVita, based on a current level of $64.06 and analysts' average consensus price target of $84.56. The stock should run into initial resistance at its 50-day moving average (MA) of $72.34 and subsequent resistance at its 200-day MA of $72.57.

Over the past year, DaVita has traded in a range of $61.36 to $84.40 and is now at $64.06, 4% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.1%.

DaVita, Inc. provides dialysis services in the United States for patients suffering from chronic kidney failure. The Company treats patients through a network of owned and managed dialysis facilities in the continental United States.

SmarTrend recommended that its subscribers protect gains by selling shares of DaVita on June 14th, 2016 by issuing a Downtrend alert when the shares were trading at $75.31. Since that call, shares of DaVita have fallen 15.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle davita

Ticker(s): DVA