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Possible Bearish Inside Day Candle Pattern Detected for Allscripts Healt (NASDAQ:MDRX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Allscripts Healt (NASDAQ:MDRX) based on the price action in the company's shares. Yesterday's price range of $6.06 and $6.39 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. Owners of Allscripts Healt may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Allscripts Healt has traded in a range of $4.56 to $12.40 and closed yesterday at $6.30, 38% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 1.6%.

Allscripts Healthcare Solutions, Inc. develops and markets clinical software. The Company offers electronic health records, electronic prescribing, revenue cycle management, practice management, document management, medication services, hospital care management, emergency department information systems and homecare automation solutions.

Potential upside of 142.1% exists for Allscripts Healt, based on a current level of $6.30 and analysts' average consensus price target of $15.26. The stock should find initial resistance at its 50-day moving average (MA) of $6.40 and further resistance at its 200-day MA of $9.04.

SmarTrend is tracking the current trend status for Allscripts Healt and will alert subscribers who have MDRX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle allscripts healt

Ticker(s): MDRX