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Possible Bearish Inside Day Candle Pattern Detected for Resmed Inc (NYSE:RMD)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Resmed Inc (NYSE:RMD) based on the price action in the company's shares. Yesterday's price range of $163.11 and $164.10 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 Resmed Inc 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, Resmed Inc share prices have been bracketed by a low of $90.64 and a high of $165.00 and closed yesterday at $161.00, 78% 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 0.8%.

Resmed Inc (NYSE:RMD) defies analysts with a current price ($161.00) 38.9% above its average consensus price target of $98.35. The stock should discover initial support at its 50-day moving average (MA) of $153.09 and subsequent support at its 200-day MA of $131.76.

ResMed Inc. develops, manufactures, and markets medical equipment for the treatment of sleep disordered breathing. The Company sells diagnostic and treatment devices in various countries through its subsidiaries and independent distributors.

SmarTrend recommended that subscribers consider buying shares of Resmed Inc on October 25th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $144.33. Since that recommendation, shares of Resmed Inc have risen 13.9%. We continue to monitor RMD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle resmed inc

Ticker(s): RMD