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Possible Bullish Inside Day Candle Pattern Detected for Resmed Inc (NYSE:RMD)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Resmed Inc (NYSE:RMD) based on the price action in the company's shares. Yesterday's price range of $97.90 and $97.90 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 Resmed 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.

There is potential upside of 0.5% for shares of Resmed Inc based on a current price of $97.90 and an average consensus analyst price target of $98.35. Resmed Inc shares should first meet resistance at the 50-day moving average (MA) of $103.12 and find additional resistance at the 200-day MA of $106.79.

ResMed Inc. develops, manufactures, and markets medical equipment for the treatment of sleep disordered breathing. The Company sells diagnostic and treatment devices in various countries through its subsidiaries and independent distributors.

In the past 52 weeks, shares of Resmed Inc have traded between a low of $90.64 and a high of $118.50 and closed yesterday at $97.90, which is 8% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has remained constant.

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

Keywords: bullish am inside day candle resmed inc

Ticker(s): RMD