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Possible Bearish Inside Day Candle Pattern Detected for Omega Healthcare (NYSE:OHI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Omega Healthcare (NYSE:OHI) based on the price action in the company's shares. Today's price range of $28.41 and $28.90 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 Omega Healthcare may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Omega Healthcare share prices have been bracketed by a low of $13.33 and a high of $45.10 and are now at $28.44, 113% above that low price. The 200-day and 50-day moving averages have moved 0.37% lower and 2.94% lower over the past week, respectively.

Omega Healthcare Investors, Inc. is a real estate investment trust (REIT). The Company invests in and provides financing to the long-term care industry. Omega operates healthcare facilities in the United States which are operated by independent healthcare operating companies.

Potential upside of 1.2% exists for Omega Healthcare, based on a current level of $28.44 and analysts' average consensus price target of $28.79. The stock should run into initial resistance at its 50-day moving average (MA) of $31.33 and subsequent resistance at its 200-day MA of $38.70.

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

Keywords: bearish inside day candle omega healthcare

Ticker(s): OHI