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Possible Bullish Inside Day Candle Pattern Detected for Wellcare Health (NYSE:WCG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Wellcare Health (NYSE:WCG) based on the price action in the company's shares. Yesterday's price range of $271.02 and $272.13 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 Wellcare 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.

Based on a current price of $271.33, Wellcare Health is currently 11.3% above its average consensus analyst price target of $240.80. The stock should hit resistance at its 50-day moving average (MA) of $284.82, as well as support at its 200-day MA of $265.72.

WellCare Health Plans, Inc. provides government-sponsored managed care services. The company operates in three segments: Medicaid Health Plans, Medicare Health Plans, and Medicare Prescription Drug Plans (PDPs).

Over the past year, Wellcare Health has traded in a range of $220.63 to $324.99 and closed yesterday at $271.33, 23% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Wellcare Health on July 9th, 2019 by issuing a Downtrend alert when the shares were trading at $280.02. Since that call, shares of Wellcare Health have fallen 3.6%. 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 wellcare health

Ticker(s): WCG