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Possible Bearish Inside Day Candle Pattern Detected for Mckesson Corp (NYSE:MCK)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mckesson Corp (NYSE:MCK) based on the price action in the company's shares. Yesterday's price range of $166.02 and $167.88 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 Mckesson Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 6.8% for shares of Mckesson Corp based on a current price of $167.91 and an average consensus analyst price target of $179.25. Mckesson Corp shares have support at the 50-day moving average (MA) of $146.46 and additional support at the 200-day MA of $140.31.

McKesson Corporation distributes pharmaceuticals, medical-surgical supplies, and health and beauty care products throughout North America. The Company also develops, implements, and supports software that facilitates the integration of data throughout the health enterprise. In addition, McKesson offers analytic, care management, and patient solutions for payers.

In the past 52 weeks, Mckesson Corp share prices have been bracketed by a low of $110.52 and a high of $168.38 and closed yesterday at $167.91, 52% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.2%.

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

Keywords: bearish am inside day candle McKesson Corp

Ticker(s): MCK