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Possible Bullish Inside Day Candle Pattern Detected for Medifast Inc (NYSE:MED)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Medifast Inc (NYSE:MED) based on the price action in the company's shares. Yesterday's price range of $136.51 and $138.03 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 Medifast Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Medifast, Inc. combines physician-supervised weight loss programs with nutritional supplements and multidisciplinary patient education programs. The Company provides an Internet-based physician and medical practitioner network to consumers. Medifast also provides a corporate wellness program for large corporations, associations, and their health insurance carriers.

Medifast Inc (NYSE:MED) is currently priced 33.9% above its average consensus analyst price target of $91.00. The stock should find resistance at its 200-day moving average (MA) of $165.40, as well as support at its 50-day MA of $131.45.

Medifast Inc share prices have moved between a 52-week high of $260.98 and a 52-week low of $95.61 and closed yesterday at 44% above that low price at $137.62 per share. The 200-day and 50-day moving averages have moved 0.17% lower and 0.54% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Medifast Inc and will alert subscribers who have MED in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle medifast inc

Ticker(s): MED