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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 $20.74 and $21.13 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-A (NYSE:WDR) is currently priced 9.3% above its average consensus analyst price target of $18.94. Waddell & Reed-A shares should first meet resistance at the 50-day moving average (MA) of $23.19 and find additional resistance at the 200-day MA of $31.17.

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, Waddell & Reed-A share prices have been bracketed by a low of $15.02 and a high of $23.82 and closed yesterday at $20.87, 39% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.6% while the 50-day MA has declined 1%.

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