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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wabtec (NYSE:WAB) based on the price action in the company's shares. Today's price range of $85.44 and $86.14 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Wabtec share prices have moved between a 52-week high of $103.07 and a 52-week low of $60.28 and are now trading 43% above that low price at $86.03 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.4%.

There is potential upside of 14.3% for shares of Wabtec based on a current price of $86.03 and an average consensus analyst price target of $98.30. Wabtec shares have support at the 200-day moving average (MA) of $81.10 and additional support at the 50-day MA of $76.80.

Wabtec Corporation, doing business as Westinghouse Air Brake Technologies Corporation, provides technology products and services for the rail industry on a worldwide basis. The Company manufactures a range of products for locomotives, freight cars, and passenger transit vehicles. Wabtec also builds new locomotives and provides aftermarket services.

SmarTrend recommended that subscribers consider buying shares of Wabtec on February 16th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $67.13. Since that recommendation, shares of Wabtec have risen 28.5%. 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

Ticker(s): WAB