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Possible Bullish Inside Day Candle Pattern Detected for Varian Medical Systems (NYSE:VAR)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Varian Medical Systems (NYSE:VAR) based on the price action in the company's shares. Yesterday's price range of $78.43 and $79.30 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 Varian Medical Systems 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 8.4% for shares of Varian Medical Systems based on a current price of $79.21 and an average consensus analyst price target of $85.83. The stock should run into initial resistance at its 200-day moving average (MA) of $79.73 and subsequent resistance at its 50-day MA of $80.73.

In the past 52 weeks, Varian Medical Systems share prices have been bracketed by a low of $71.07 and a high of $90.78 and closed yesterday at $79.21, 11% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.4%.

Varian Medical Systems, Inc. designs, manufactures, sells, and services equipment and software products for treating cancer with radiotherapy, stereotactic radiosurgery and brachytherapy. The Company also supplies products that include x-ray tubes, linear accelerators, digital image detectors, image processing software and image detection products.

SmarTrend is monitoring the recent change of momentum in Varian Medical Systems. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Varian Medical Systems in search of a potential trend change.

Keywords: bullish am inside day candle Varian Medical Systems

Ticker(s): VAR