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Possible Bullish Inside Day Candle Pattern Detected for Centene Corp (NYSE:CNC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Centene Corp (NYSE:CNC) based on the price action in the company's shares. Yesterday's price range of $65.02 and $66.17 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. Traders and investors interested in shares of Centene Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Centene Corp (NYSE:CNC) has potential upside of 96.6% based on a current price of $65.88 and analysts' consensus price target of $129.50. The stock should find initial support at its 50-day moving average (MA) of $61.06 and further support at its 200-day MA of $56.14.

Centene Corp share prices have moved between a 52-week high of $74.70 and a 52-week low of $41.62 and closed yesterday at 58% above that low price at $65.88 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 1.4%.

Centene Corporation operates as a multi-line managed care organization that provides medicaid and medicaid-related programs. The Company offers health plans in several states. Centene also provides specialty services including behavioral health, nurse triage, and treatment compliance.

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

Keywords: bullish am inside day candle centene corp

Ticker(s): CNC