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

By David Diaz

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 $13.75 and $14.12 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.

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) is currently priced 30.7% above its average consensus analyst price target of $9.80. The stock should find initial support at its 50-day moving average (MA) of $13.33 and further support at its 200-day MA of $11.23.

Inovalon Holdi-A share prices have moved between a 52-week high of $14.87 and a 52-week low of $8.90 and closed yesterday at 59% above that low price at $14.14 per share. The 200-day and 50-day moving averages have moved 0.48% higher and 1.29% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Inovalon Holdi-A on November 12th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.51. Since that recommendation, shares of Inovalon Holdi-A have risen 19.2%. 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