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Possible Bullish Inside Day Candle Pattern Detected for Varian Medical S (NYSE:VAR)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Varian Medical S (NYSE:VAR) based on the price action in the company's shares. Yesterday's price range of $104.50 and $107.08 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 Varian Medical S may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Varian Medical S (NYSE:VAR) has potential upside of 12.2% based on a current price of $107.22 and analysts' consensus price target of $120.25. The stock should run into initial resistance at its 50-day moving average (MA) of $117.34 and subsequent resistance at its 200-day MA of $124.40.

In the past 52 weeks, Varian Medical S share prices have been bracketed by a low of $89.62 and a high of $149.85 and closed yesterday at $107.22, 20% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 1.7%.

Varian Medical Systems, Inc. designs, manufactures, sells, and services medical equipment. The Company offers radiotherapy, radiosurgery, X-ray tube technology, digital image detectors, cargo screening, and non-destructive testing equipment. Varian Medical Systems serves the healthcare sector globally.

SmarTrend is tracking the current trend status for Varian Medical S and will alert subscribers who have VAR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle varian medical s

Ticker(s): VAR