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Possible Bullish Inside Day Candle Pattern Detected for Molina Healthcare (NYSE:MOH)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Molina Healthcare (NYSE:MOH) based on the price action in the company's shares. Yesterday's price range of $49.03 and $49.88 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 Molina Healthcare may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Molina Healthcare share prices have moved between a 52-week high of $82.37 and a 52-week low of $44.50 and closed yesterday at 12% above that low price at $49.74 per share. The 200-day and 50-day moving averages have moved 0.79% lower and 1.82% lower over the past week, respectively.

Potential upside of 69.2% exists for Molina Healthcare, based on a current level of $49.74 and analysts' average consensus price target of $84.17. Molina Healthcare shares should first meet resistance at the 50-day moving average (MA) of $62.16 and find additional resistance at the 200-day MA of $64.59.

Molina Healthcare has grown into one of the leaders in providing quality healthcare for financially vulnerable individuals and families. Currently, Molina Healthcare arranges for the delivery of healthcare services or offers health information management solutions for nearly 4.3 million individuals and families who receive their care through Medicaid, Medicare and other government funded programs in 16 states.

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

Keywords: bullish am inside day candle molina healthcare

Ticker(s): MOH