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Possible Bullish Inside Day Candle Pattern Detected for Nevro Corp (NYSE:NVRO)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Nevro Corp (NYSE:NVRO) based on the price action in the company's shares. Yesterday's price range of $76.42 and $77.57 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 Nevro Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Nevro Corp has traded in a range of $34.75 to $91.53 and closed yesterday at $76.45, 120% above that low. The 200-day and 50-day moving averages have moved 1.02% higher and 0.89% higher over the past week, respectively.

Potential upside of 24.3% exists for Nevro Corp, based on a current level of $76.45 and analysts' average consensus price target of $95.00. Nevro Corp shares should encounter resistance at the 50-day moving average (MA) of $81.39 and support at its 200-day MA of $61.92.

Nevro Corp., a medical device company, provides products for the patients suffering from chronic pain in the United States and internationally. The company develops and commercializes the Senza spinal cord stimulation system, an evidence-based neuromodulation platform for the treatment of chronic pain.

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

Keywords: bullish am inside day candle nevro corp

Ticker(s): NVRO