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Possible Bullish Inside Day Candle Pattern Detected for Model N Inc (NYSE:MODN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Model N Inc (NYSE:MODN) based on the price action in the company's shares. Yesterday's price range of $13.98 and $14.26 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 Model N 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.

Model N Inc share prices have moved between a 52-week high of $20.32 and a 52-week low of $12.60 and closed yesterday at 11% above that low price at $14.00 per share. The 200-day and 50-day moving averages have moved 0.32% lower and 0.85% lower over the past week, respectively.

Model N Inc (NYSE:MODN) has potential upside of 71.4% based on a current price of $14.00 and analysts' consensus price target of $24.00. The stock should run into initial resistance at its 50-day moving average (MA) of $14.55 and subsequent resistance at its 200-day MA of $16.82.

Model N, Inc. provides revenue management solutions. The Company offers management platform that allows access to large organizations to manage their revenue life cycles across various product lines and divisions. Model N serves life science and technology industries worldwide.

SmarTrend recommended that its subscribers protect gains by selling shares of Model N Inc on August 9th, 2018 by issuing a Downtrend alert when the shares were trading at $16.93. Since that call, shares of Model N Inc have fallen 17.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle model n inc

Ticker(s): MODN