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Possible Bullish Inside Day Candle Pattern Detected for Mednax (NYSE:MD)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Mednax (NYSE:MD) based on the price action in the company's shares. Today's price range of $54.01 and $54.68 is within yesterday'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 Mednax may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

MEDNAX, Inc., through a subsidiary, provides physician management services to hospital-based neonatal, maternal - fetal, pediatric cardiology, and pediatric intensive care specialties. The Company also manages anesthesia practices.

Over the past year, Mednax has traded in a range of $54.00 to $86.09 and is now at $54.09, 0% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.4%.

Mednax (NYSE:MD) has potential upside of 24.4% based on a current price of $54.09 and analysts' consensus price target of $67.27. Mednax shares should first meet resistance at the 50-day moving average (MA) of $66.75 and find additional resistance at the 200-day MA of $72.90.

SmarTrend recommended that its subscribers protect gains by selling shares of Mednax on April 13th, 2017 by issuing a Downtrend alert when the shares were trading at $67.85. Since that call, shares of Mednax have fallen 20.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle mednax

Ticker(s): MD