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Possible Bullish Inside Day Candle Pattern Detected for Merit Medical Systems (NASDAQ:MMSI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Merit Medical Systems (NASDAQ:MMSI) based on the price action in the company's shares. Yesterday's price range of $18.81 and $19.12 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 Merit Medical Systems may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Merit Medical Systems, Inc. manufactures and markets products used in diagnostic and interventional cardiology and radiology procedures. The Company's primary products include inflation devices, guide wires, thrombolytic catheters and fluid dispensing systems, and angiography accessories, among others. Merit's products are sold worldwide.

Merit Medical Systems share prices have moved between a 52-week high of $26.42 and a 52-week low of $9.15 and closed yesterday at 109% above that low price at $19.08 per share. The 200-day and 50-day moving averages have moved 0.21% lower and 1.00% higher over the past week, respectively.

There is potential upside of 39.7% for shares of Merit Medical Systems based on a current price of $19.08 and an average consensus analyst price target of $26.67. The stock should hit resistance at its 200-day moving average (MA) of $20.17, as well as support at its 50-day MA of $18.88.

SmarTrend is tracking the current trend status for Merit Medical Systems and will alert subscribers who have MMSI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle merit medical systems

Ticker(s): MMSI