Possible Bearish Inside Day Candle Pattern Detected for Wabtec (NYSE:WAB)
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 $83.55 and $86.14 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 $83.66, or 14.9% below the average consensus analyst price target of $98.30. The stock should find initial support at its 200-day moving average (MA) of $81.04 and further support at its 50-day MA of $77.08.
In the past 52 weeks, shares of Wabtec have traded between a low of $60.28 and a high of $103.07 and closed yesterday at $83.66, which is 39% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.8% 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 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 am inside day candle wabtec