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Possible Bearish Inside Day Candle Pattern Detected for WABCO Holdings (NYSE:WBC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in WABCO Holdings (NYSE:WBC) based on the price action in the company's shares. Yesterday's price range of $104.46 and $105.58 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 WABCO Holdings may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

WABCO Holdings Inc., manufactures electronic braking, stability, suspension and transmission control systems commercial vehicles.

Over the past year, WABCO Holdings has traded in a range of $81.66 to $133.00 and closed yesterday at $105.17, 29% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.2%.

WABCO Holdings has overhead space with shares priced $105.17, or 16.9% below the average consensus analyst price target of $126.58. The stock should find resistance at its 200-day moving average (MA) of $105.47, as well as support at its 50-day MA of $105.08.

SmarTrend recommended that subscribers consider buying shares of WABCO Holdings on July 20th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $97.05. Since that recommendation, shares of WABCO Holdings have risen 8.9%. We continue to monitor WBC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle wabco holdings

Ticker(s): WBC