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

By Shiri Gupta

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 $15.96 and $16.36 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.

There is potential upside of 25.2% for shares of Waddell & Reed-A based on a current price of $15.98 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 $16.50 and subsequent resistance at its 200-day MA of $16.77.

Waddell & Reed Financial, Inc., through its subsidiaries, serves as investment advisor and exclusive underwriter and distributor for a family of mutual funds. The Company's funds include the Waddell & Reed Advisors Funds, Ivy Funds, and the Ivy Funds Variable Insurance Portfolios.

In the past 52 weeks, shares of Waddell & Reed-A have traded between a low of $14.92 and a high of $19.18 and closed yesterday at $15.98, which is 7% above that low price. The 200-day and 50-day moving averages have moved 0.29% lower and 0.14% 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