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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. Today's price range of $73.11 and $74.13 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 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 $61.00 and a high of $115.40 and are now at $74.13, which is 22% above that low price. The 200-day and 50-day moving averages have moved 0.49% lower and 0.27% lower over the past week, respectively.

There is potential upside of 32.3% for shares of Wabtec Corp based on a current price of $74.13 and an average consensus analyst price target of $98.08. The stock should find initial support at its 200-day moving average (MA) of $72.40 and further support at its 50-day MA of $70.32.

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 recommended that subscribers consider buying shares of Wabtec Corp on August 21st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $69.09. Since that recommendation, shares of Wabtec Corp have risen 7.8%. We continue to monitor WAB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle wabtec corp

Ticker(s): WAB