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Possible Bullish Inside Day Candle Pattern Detected for Universal Health Services (NYSE:UHS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Universal Health Services (NYSE:UHS) based on the price action in the company's shares. Yesterday's price range of $130.08 and $132.66 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 Universal Health Services may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Universal Health Services share prices have moved between a 52-week high of $148.57 and a 52-week low of $100.82 and closed yesterday at 31% above that low price at $132.08 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.6% while the 200-day MA has remained constant.

Universal Health Services, Inc. owns and operates acute care hospitals, behavioral health centers, ambulatory surgery centers, radiation oncology centers, and women's centers. The Company provides services such as general surgery, internal medicine, obstetrics, radiology, pediatric services, and behavioral health services. Universal operates facilities in the United States.

Potential upside of 10.6% exists for Universal Health Services, based on a current level of $132.08 and analysts' average consensus price target of $146.12. Universal Health Services shares have support at the 200-day moving average (MA) of $124.01 and additional support at the 50-day MA of $121.96.

SmarTrend recommended that subscribers consider buying shares of Universal Health Services on February 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $112.10. Since that recommendation, shares of Universal Health Services have risen 15.4%. We continue to monitor UHS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle universal health services

Ticker(s): UHS