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Possible Bearish Inside Day Candle Pattern Detected for Waddell & Reed-A (NYSE:WDR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Waddell & Reed-A (NYSE:WDR) based on the price action in the company's shares. Yesterday's price range of $16.58 and $16.69 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 Waddell & Reed-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Waddell & Reed Financial, Inc., through its subsidiaries, provides investment management and advisory, investment product underwriting and distribution, and shareholder services administration to mutual funds, and institutional and separately managed accounts in the United States.

There is potential upside of 20.4% for shares of Waddell & Reed-A based on a current price of $16.61 and an average consensus analyst price target of $20.00. The stock should run into initial resistance at its 50-day moving average (MA) of $17.70 and subsequent resistance at its 200-day MA of $18.69.

Over the past year, Waddell & Reed-A has traded in a range of $15.97 to $21.63 and closed yesterday at $16.61, 4% above that low. The 200-day and 50-day moving averages have moved 0.31% lower and 0.23% lower over the past week, respectively.

SmarTrend is tracking the current trend status for Waddell & Reed-A and will alert subscribers who have WDR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle waddell & reed-a

Ticker(s): WDR