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Possible Bullish Inside Day Candle Pattern Detected for Laboratory Corp of America Holdings (NYSE:LH)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Laboratory Corp of America Holdings (NYSE:LH) based on the price action in the company's shares. Yesterday's price range of $125.71 and $127.05 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 Laboratory Corp of America Holdings may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Laboratory Corporation of America Holdings is a clinical laboratory organiza- tion. The Company offers a wide range of clinical laboratory tests which are used by the medical profession in routine testing, patient diagnosis, and in the monitoring and treatment of disease. Laboratory Corporation operates a network of laboratories and service sites which serve clients across the United States.

Potential upside of 10.5% exists for Laboratory Corp of America Holdings, based on a current level of $126.47 and analysts' average consensus price target of $139.75. The stock should find initial support at its 200-day moving average (MA) of $117.66 and further support at its 50-day MA of $117.16.

In the past 52 weeks, Laboratory Corp of America Holdings share prices have been bracketed by a low of $97.79 and a high of $131.99 and closed yesterday at $126.47, 29% above that low price. The 200-day and 50-day moving averages have moved 0.04% higher and 1.05% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Laboratory Corp of America Holdings on February 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $110.54. Since that recommendation, shares of Laboratory Corp of America Holdings have risen 13.6%. We continue to monitor LH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle laboratory corp of america holdings

Ticker(s): LH