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Possible Bullish Inside Day Candle Pattern Detected for Insulet Corp (NASDAQ:PODD)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Insulet Corp (NASDAQ:PODD) based on the price action in the company's shares. Yesterday's price range of $176.21 and $178.59 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 Insulet 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.

Insulet Corporation is a medical device company that develops, manufactures and markets an insulin infusion system for people with insulin-dependent diabetes.

Based on a current price of $176.76, Insulet Corp is currently 46.8% above its average consensus analyst price target of $94.07. The stock should find initial support at its 50-day moving average (MA) of $158.54 and further support at its 200-day MA of $123.07.

Insulet Corp share prices have moved between a 52-week high of $184.43 and a 52-week low of $70.80 and closed yesterday at 150% above that low price at $176.76 per share. Over the past week, the 200-day moving average (MA) has gone up 2.0% while the 50-day MA has advanced 1.7%.

SmarTrend is tracking the current trend status for Insulet Corp and will alert subscribers who have PODD in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle insulet corp

Ticker(s): PODD