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Possible Bearish Inside Day Candle Pattern Detected for Casella Waste (NASDAQ:CWST)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Casella Waste (NASDAQ:CWST) based on the price action in the company's shares. Yesterday's price range of $37.71 and $38.27 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 Casella Waste may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Casella Waste (NASDAQ:CWST) is currently priced 23.2% above its average consensus analyst price target of $29.00. Casella Waste shares have support at the 50-day moving average (MA) of $34.95 and additional support at the 200-day MA of $31.17.

In the past 52 weeks, Casella Waste share prices have been bracketed by a low of $23.38 and a high of $39.31 and closed yesterday at $37.74, 61% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has risen 0.6%.

Casella Waste Systems, Inc. provides integrated and non-hazardous solid waste services throughout the eastern United States. The Company provides collection, transfer, disposal, and recycling services, generates steam, and manufactures finished products utilizing recyclable materials primarily throughout the eastern portion of the United States.

SmarTrend recommended that subscribers consider buying shares of Casella Waste on January 9th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $29.06. Since that recommendation, shares of Casella Waste have risen 28.6%. We continue to monitor CWST for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle casella waste

Ticker(s): CWST