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Possible Bearish Inside Day Candle Pattern Detected for Wabtec Corp (NYSE:WAB)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wabtec Corp (NYSE:WAB) based on the price action in the company's shares. Yesterday's price range of $72.03 and $72.35 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 Wabtec Corp 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, shares of Wabtec Corp have traded between a low of $65.09 and a high of $115.40 and closed yesterday at $72.26, which is 11% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 0.2%.

There is potential upside of 35.7% for shares of Wabtec Corp based on a current price of $72.26 and an average consensus analyst price target of $98.08. The stock should find resistance at its 200-day moving average (MA) of $91.51, as well as support at its 50-day MA of $72.07.

Westinghouse Air Brake Technologies Corporation, doing business as Wabtec Corporation, provides technology-based equipment, systems, and services for the freight rail and passenger transit vehicle industries worldwide.

SmarTrend is monitoring the recent change of momentum in Wabtec Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Wabtec Corp in search of a potential trend change.

Keywords: bearish am inside day candle wabtec corp

Ticker(s): WAB