• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Laboratory Cp (NYSE:LH)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Laboratory Cp (NYSE:LH) based on the price action in the company's shares. Yesterday's price range of $126.36 and $133.29 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 Laboratory Cp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Laboratory Corporation of America Holdings is a clinical laboratory company that offers clinical laboratory tests used by the medical profession in routine testing, patient diagnosis, and in the monitoring and treatment of disease. The Company develops specialty testing operations, such as oncology testing, HIV genotyping, and phenotyping, diagnostic genetics, and clinical trials.

There is potential upside of 51.5% for shares of Laboratory Cp based on a current price of $128.71 and an average consensus analyst price target of $194.94. Laboratory Cp shares should first meet resistance at the 50-day moving average (MA) of $167.88 and find additional resistance at the 200-day MA of $168.91.

Laboratory Cp share prices have moved between a 52-week high of $196.36 and a 52-week low of $98.02 and closed yesterday at 31% above that low price at $128.71 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 3.2% while the 200-day MA has slid 0.7%.

SmarTrend is monitoring the recent change of momentum in Laboratory Cp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Laboratory Cp in search of a potential trend change.

Keywords: bearish am inside day candle laboratory cp

Ticker(s): LH