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Possible Bullish Inside Day Candle Pattern Detected for Quest Diagnostics (NYSE:DGX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Quest Diagnostics (NYSE:DGX) based on the price action in the company's shares. Yesterday's price range of $84.97 and $85.68 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 Quest Diagnostics may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Quest Diagnostics have traded between a low of $59.66 and a high of $89.00 and closed yesterday at $85.52, which is 43% above that low price. The 200-day and 50-day moving averages have moved 0.06% higher and 0.99% higher over the past week, respectively.

Quest Diagnostics Incorporated provides diagnostic testing, information, and services. The Company operates a national network of full-service laboratories, rapid response laboratories, and patient service centers. Quest Diagnostics provides esoteric testing, routine medical testing, drugs of abuse testing, and non-hospital-based anatomicpathology testing.

Quest Diagnostics (NYSE:DGX) defies analysts with a current price ($85.52) 19.1% above its average consensus price target of $69.21. Quest Diagnostics shares have support at the 50-day moving average (MA) of $71.75 and additional support at the 200-day MA of $68.54.

SmarTrend recommended that subscribers consider buying shares of Quest Diagnostics on February 18th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $65.35. Since that recommendation, shares of Quest Diagnostics have risen 30.0%. We continue to monitor DGX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle quest diagnostics

Ticker(s): DGX