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Possible Bearish Inside Day Candle Pattern Detected for Energous Corp (NASDAQ:WATT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Energous Corp (NASDAQ:WATT) based on the price action in the company's shares. Today's price range of $18.18 and $18.75 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 Energous Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Energous Corporation is a development stage technology company. The Company is developing technology that can enable wireless charging or powering of electronic devices at distance. Energous' technology powers devices by surrounding them with a three dimensional (""3D"") pocket of energy formed by radio frequencies.

Over the past year, Energous Corp has traded in a range of $6.91 to $33.50 and is now at $18.53, 168% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has declined 1.2%.

Energous Corp (NASDAQ:WATT) has potential upside of 102.9% based on a current price of $18.53 and analysts' consensus price target of $37.60. Energous Corp shares have support at the 50-day moving average (MA) of $18.02 and additional support at the 200-day MA of $14.88.

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

Keywords: bearish inside day candle energous corp

Ticker(s): WATT