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Possible Bullish Inside Day Candle Pattern Detected for WebMD Health (NASDAQ:WBMD)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in WebMD Health (NASDAQ:WBMD) based on the price action in the company's shares. Yesterday's price range of $50.92 and $51.34 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 WebMD Health may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

WebMD Health Corp. provides health information services to consumers, physicians, healthcare professionals, employers, and health plans. The Company provides its services through its public and private online portals and health-focused publications.

There is potential upside of 4.1% for shares of WebMD Health based on a current price of $51.20 and an average consensus analyst price target of $53.29. WebMD Health shares should encounter resistance at the 50-day moving average (MA) of $59.96 and support at its 200-day MA of $48.77.

In the past 52 weeks, WebMD Health share prices have been bracketed by a low of $37.57 and a high of $67.55 and closed yesterday at $51.20, 36% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of WebMD Health on June 21st, 2016 by issuing a Downtrend alert when the shares were trading at $60.34. Since that call, shares of WebMD Health have fallen 15.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle webmd health

Ticker(s): WBMD