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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in ResMed (NYSE:RMD) based on the price action in the company's shares. Today's price range of $56.86 and $57.34 is within yesterday'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 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, ResMed share prices have been bracketed by a low of $48.99 and a high of $66.62 and are now at $56.89, 16% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

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.

There is potential upside of 7.5% for shares of ResMed based on a current price of $56.89 and an average consensus analyst price target of $61.18. The stock should hit resistance at its 50-day moving average (MA) of $58.33, as well as support at its 200-day MA of $55.93.

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

Keywords: bullish inside day candle resmed

Ticker(s): RMD