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Possible Bullish Inside Day Candle Pattern Detected for Wright Medical G (NASDAQ:WMGI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Wright Medical G (NASDAQ:WMGI) based on the price action in the company's shares. Yesterday's price range of $29.43 and $29.48 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 Wright Medical G may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Wright Medical G (NASDAQ:WMGI) is currently priced 7.8% above its average consensus analyst price target of $27.17. The stock should find initial support at its 200-day moving average (MA) of $27.29 and further support at its 50-day MA of $25.28.

Wright Medical Group N.V. operates as a medical device company. The Company offers surgical solutions for the upper and lower extremities and biologics markets. Wright Medical Group provides joint replacement, trauma, sports medicine, and biologic products to treat the extremities, as well as joint replacement products for the hip and knee in certain international markets.

Over the past year, Wright Medical G has traded in a range of $20.50 to $31.53 and closed yesterday at $29.47, 44% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 2.2%.

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

Keywords: bullish am inside day candle wright medical g

Ticker(s): WMGI