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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 $14.05 and $14.26 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.

In the past 52 weeks, shares of Inovalon Holdi-A have traded between a low of $8.90 and a high of $15.57 and closed yesterday at $14.21, which is 60% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has risen 0.5%.

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.

Inovalon Holdi-A (NASDAQ:INOV) defies analysts with a current price ($14.21) 31.0% above its average consensus price target of $9.80. Inovalon Holdi-A shares have support at the 50-day moving average (MA) of $13.65 and additional support at the 200-day MA of $12.57.

SmarTrend recommended that subscribers consider buying shares of Inovalon Holdi-A on April 24th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $13.20. Since that recommendation, shares of Inovalon Holdi-A have risen 6.3%. We continue to monitor INOV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle inovalon holdi-a

Ticker(s): INOV