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Possible Bullish Inside Day Candle Pattern Detected for Resmed Inc (NYSE:RMD)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Resmed Inc (NYSE:RMD) based on the price action in the company's shares. Yesterday's price range of $159.23 and $160.73 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 Resmed 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.

In the past 52 weeks, shares of Resmed Inc have traded between a low of $90.64 and a high of $167.05 and closed yesterday at $162.70, which is 80% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 0.5%.

ResMed Inc. develops, manufactures, and markets medical equipment for the treatment of sleep disordered breathing. The Company sells diagnostic and treatment devices in various countries through its subsidiaries and independent distributors.

Resmed Inc (NYSE:RMD) is currently priced 39.5% above its average consensus analyst price target of $98.35. The stock should discover initial support at its 50-day moving average (MA) of $155.40 and subsequent support at its 200-day MA of $133.91.

SmarTrend recommended that subscribers consider buying shares of Resmed Inc on October 25th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $144.33. Since that recommendation, shares of Resmed Inc have risen 10.1%. We continue to monitor RMD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle resmed inc

Ticker(s): RMD