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Possible Bullish Inside Day Candle Pattern Detected for Laboratory Cp (NYSE:LH)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Laboratory Cp (NYSE:LH) based on the price action in the company's shares. Yesterday's price range of $166.09 and $168.84 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 Laboratory Cp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Laboratory Cp have traded between a low of $98.02 and a high of $196.36 and closed yesterday at $164.45, which is 68% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1%.

Laboratory Cp (NYSE:LH) has potential upside of 18.5% based on a current price of $164.45 and analysts' consensus price target of $194.94. The stock should find resistance at its 200-day moving average (MA) of $165.80, as well as support at its 50-day MA of $150.56.

Laboratory Corporation of America Holdings is a clinical laboratory company that offers clinical laboratory tests used by the medical profession in routine testing, patient diagnosis, and in the monitoring and treatment of disease. The Company develops specialty testing operations, such as oncology testing, HIV genotyping, and phenotyping, diagnostic genetics, and clinical trials.

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

Keywords: bullish am inside day candle laboratory cp

Ticker(s): LH