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Possible Bullish Inside Day Candle Pattern Detected for Omega Healthcare (NYSE:OHI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Omega Healthcare (NYSE:OHI) based on the price action in the company's shares. Yesterday's price range of $36.36 and $36.87 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 Omega 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.

OMEGA Healthcare Investors, Inc. is a real estate investment trust (REIT). The Company invests in and provides financing to the long-term care industry. OMEGA operates healthcare facilities in the United States which are operated by independent healthcare operating companies.

In the past 52 weeks, Omega Healthcare share prices have been bracketed by a low of $24.90 and a high of $38.34 and closed yesterday at $36.65, 47% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has risen 0.7%.

Omega Healthcare (NYSE:OHI) is currently priced 21.5% above its average consensus analyst price target of $28.79. Omega Healthcare shares have support at the 50-day moving average (MA) of $34.63 and additional support at the 200-day MA of $30.98.

SmarTrend recommended that subscribers consider buying shares of Omega Healthcare on August 7th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $30.99. Since that recommendation, shares of Omega Healthcare have risen 17.0%. We continue to monitor OHI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle omega healthcare

Ticker(s): OHI