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Possible Bearish Inside Day Candle Pattern Detected for Meridian Biosci (NASDAQ:VIVO)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Meridian Biosci (NASDAQ:VIVO) based on the price action in the company's shares. Yesterday's price range of $9.49 and $9.72 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 Meridian Biosci 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 52.7% for shares of Meridian Biosci based on a current price of $9.66 and an average consensus analyst price target of $14.75. The stock should hit resistance at its 200-day moving average (MA) of $11.42, as well as support at its 50-day MA of $9.25.

In the past 52 weeks, Meridian Biosci share prices have been bracketed by a low of $7.64 and a high of $18.80 and closed yesterday at $9.66, 26% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 1.7%.

Meridian Bioscience, Inc. manufactures, markets, and distributes diagnostic test kits, purified reagents, and related products. The Company offers bio-pharmaceutical enabling technologies. Meridian specializes in gastrointestinal and upper respiratory infections, serology, parasitology, and fungal disease diagnosis, as well as rare reagents and specialty biologicals.

SmarTrend recommended that its subscribers protect gains by selling shares of Meridian Biosci on December 20th, 2018 by issuing a Downtrend alert when the shares were trading at $17.06. Since that call, shares of Meridian Biosci have fallen 43.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle meridian biosci

Ticker(s): VIVO