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Possible Bearish Inside Day Candle Pattern Detected for American Water W (NYSE:AWK)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in American Water W (NYSE:AWK) based on the price action in the company's shares. Today's price range of $116.89 and $116.89 is within yesterday'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 American Water W may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, American Water W has traded in a range of $85.88 to $119.30 and is now at $116.89, 36% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.6%.

American Water Works Co., Inc. provides drinking water, wastewater, and other water-related services in multiple states and Ontario, Canada. The Company's primary business involves the ownership of regulated water and wastewater utilities that provide water and wastewater services to residential, commercial, and industrial customers.

American Water W (NYSE:AWK) is currently priced 21.4% above its average consensus analyst price target of $91.83. The stock should discover initial support at its 50-day moving average (MA) of $114.84 and subsequent support at its 200-day MA of $101.06.

SmarTrend recommended that subscribers consider buying shares of American Water W on January 23rd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $93.51. Since that recommendation, shares of American Water W have risen 25.4%. We continue to monitor AWK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle american water w

Ticker(s): AWK