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Possible Bearish Inside Day Candle Pattern Detected for Advanced Drainag (NYSE:WMS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Advanced Drainag (NYSE:WMS) based on the price action in the company's shares. Yesterday's price range of $26.77 and $27.38 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. Owners of Advanced Drainag may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Advanced Drainag share prices have been bracketed by a low of $21.70 and a high of $33.50 and closed yesterday at $27.14, 25% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.5% while the 200-day MA has remained constant.

Advanced Drainag (NYSE:WMS) is currently priced 1.7% above its average consensus analyst price target of $26.67. The stock should run into initial resistance at its 200-day moving average (MA) of $28.07 and subsequent resistance at its 50-day MA of $28.39.

Advanced Drainage Systems, Inc. manufactures water drainage structures and supplies. The Company produces pipe fittings, subsurface storm water management surface drainage structures, leaching chambers, basins, channels, grates, and grease interceptors. Advanced Drainage Systems markets and sells its products worldwide.

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

Keywords: bearish am inside day candle advanced drainag

Ticker(s): WMS