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

By David Diaz

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 $71.91 and $72.18 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, Wabtec Corp share prices have been bracketed by a low of $61.95 and a high of $115.40 and are now at $72.18, 17% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has slid 1%.

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.

Wabtec Corp has overhead space with shares priced $72.18, or 26.4% below the average consensus analyst price target of $98.08. The stock should find resistance at its 200-day moving average (MA) of $79.98, as well as support at its 50-day MA of $70.43.

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 inside day candle wabtec corp

Ticker(s): WAB