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Possible Bullish Inside Day Candle Pattern Detected for Ensign Group Inc (NASDAQ:ENSG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ensign Group Inc (NASDAQ:ENSG) based on the price action in the company's shares. Yesterday's price range of $54.63 and $55.40 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 Ensign Group Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ensign Group Inc (NASDAQ:ENSG) is currently priced 46.6% above its average consensus analyst price target of $29.50. The stock should discover initial support at its 50-day moving average (MA) of $51.74 and subsequent support at its 200-day MA of $44.44.

Ensign Group, Inc. operates facilities offering nursing and rehabilitative care services in multiple states. The Company provides a broad spectrum of nursing and assisted living services, physical, occupational and speech therapies, and other rehabilitative and healthcare services, for both long-term residents and short-stay rehabilitation patients.

Over the past year, Ensign Group Inc has traded in a range of $33.97 to $58.14 and closed yesterday at $55.27, 63% above that low. The 200-day and 50-day moving averages have moved 1.11% higher and 1.12% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Ensign Group Inc and will alert subscribers who have ENSG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle ensign group inc

Ticker(s): ENSG