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Possible Bullish Inside Day Candle Pattern Detected for Inovalon Holdi-A (NASDAQ:INOV)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Inovalon Holdi-A (NASDAQ:INOV) based on the price action in the company's shares. Yesterday's price range of $12.54 and $12.54 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 Inovalon Holdi-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Inovalon Holdi-A has traded in a range of $8.90 to $15.57 and closed yesterday at $12.60, 42% above that low. The 200-day and 50-day moving averages have moved 0.27% higher and 0.54% lower over the past week, respectively.

Inovalon Holdi-A (NASDAQ:INOV) is currently priced 22.2% above its average consensus analyst price target of $9.80. The stock should find resistance at its 50-day moving average (MA) of $13.71, as well as support at its 200-day MA of $11.74.

Inovalon Holdings, Inc. operates as a technology company. The Company offers cloud-based platforms empowering a data-driven transformation from volume-based to value-based models throughout the healthcare industry.

SmarTrend is monitoring the recent change of momentum in Inovalon Holdi-A. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Inovalon Holdi-A in search of a potential trend change.

Keywords: bullish am inside day candle inovalon holdi-a

Ticker(s): INOV