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Possible Bearish Inside Day Candle Pattern Detected for Anthem Inc (NYSE:ANTM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Anthem Inc (NYSE:ANTM) based on the price action in the company's shares. Today's price range of $256.47 and $256.96 is within yesterday'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 Anthem Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Anthem Inc. is a health benefits company. The Company provides health, dental and vision, and pharmacy benefits, as well as life insurance, and life and disability insurance benefits. Anthem offers a broad spectrum of network-based managed care plans to large and small employer, individual, medicaid, and medicare markets.

Potential upside of 7.5% exists for Anthem Inc, based on a current level of $256.47 and analysts' average consensus price target of $275.67. The stock should run into initial resistance at its 50-day moving average (MA) of $279.11 and subsequent resistance at its 200-day MA of $279.65.

Over the past year, Anthem Inc has traded in a range of $228.48 to $317.99 and is now at $256.47, 12% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 1.1%.

SmarTrend recommended that its subscribers protect gains by selling shares of Anthem Inc on August 14th, 2019 by issuing a Downtrend alert when the shares were trading at $278.07. Since that call, shares of Anthem Inc have fallen 7.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle anthem inc

Ticker(s): ANTM