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Possible Bullish Inside Day Candle Pattern Detected for Meridian Biosci (NASDAQ:VIVO)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Meridian Biosci (NASDAQ:VIVO) based on the price action in the company's shares. Yesterday's price range of $8.33 and $8.79 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 Meridian Biosci may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Meridian Biosci has overhead space with shares priced $8.42, or 42.9% below the average consensus analyst price target of $14.75. Meridian Biosci shares should first meet resistance at the 50-day moving average (MA) of $9.61 and find additional resistance at the 200-day MA of $10.38.

Meridian Bioscience, Inc. manufactures, markets, and distributes diagnostic test kits, purified reagents, and related products. The Company offers bio-pharmaceutical enabling technologies. Meridian specializes in gastrointestinal and upper respiratory infections, serology, parasitology, and fungal disease diagnosis, as well as rare reagents and specialty biologicals.

Over the past year, Meridian Biosci has traded in a range of $7.64 to $17.71 and closed yesterday at $8.42, 10% above that low. The 200-day and 50-day moving averages have moved 0.61% lower and 0.15% lower over the past week, respectively.

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

Keywords: bullish am inside day candle meridian biosci

Ticker(s): VIVO