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Possible Bearish Inside Day Candle Pattern Detected for Varian Medical S (NYSE:VAR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Varian Medical S (NYSE:VAR) based on the price action in the company's shares. Yesterday's price range of $115.05 and $116.35 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 Varian Medical S may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Varian Medical Systems, Inc. designs, manufactures, sells, and services medical equipment. The Company offers radiotherapy, radiosurgery, X-ray tube technology, digital image detectors, cargo screening, and non-destructive testing equipment. Varian Medical Systems serves the healthcare sector globally.

Over the past year, Varian Medical S has traded in a range of $89.62 to $149.85 and closed yesterday at $116.06, 30% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 1.2%.

There is potential upside of 3.6% for shares of Varian Medical S based on a current price of $116.06 and an average consensus analyst price target of $120.25. Varian Medical S shares should encounter resistance at the 200-day moving average (MA) of $123.26 and support at the 50-day MA of $111.09.

SmarTrend is tracking the current trend status for Varian Medical S and will alert subscribers who have VAR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle varian medical s

Ticker(s): VAR