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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. Yesterday's price range of $77.69 and $78.94 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Wabtec has overhead space with shares priced $78.38, or 20.3% below the average consensus analyst price target of $98.30. The stock should run into initial resistance at its 50-day moving average (MA) of $78.40 and subsequent resistance at its 200-day MA of $80.70.

Over the past year, Wabtec has traded in a range of $60.28 to $103.07 and closed yesterday at $78.38, 30% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has slid 0.3%.

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

Keywords: bearish am inside day candle wabtec

Ticker(s): WAB