• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Wageworks (NYSE:WAGE)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wageworks (NYSE:WAGE) based on the price action in the company's shares. Today's price range of $37.06 and $38.69 is within yesterday'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 Wageworks may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

WageWorks, Inc. engages in administering consumer-directed benefits (CDBs), which empower employees to save money on taxes, as well as provides corporate tax advantages for employers in the United States.

Wageworks share prices have moved between a 52-week high of $56.80 and a 52-week low of $25.15 and are now trading 47% above that low price at $37.06 per share. The 200-day and 50-day moving averages have moved 0.62% lower and 1.33% higher over the past week, respectively.

Wageworks (NYSE:WAGE) has potential upside of 97.7% based on a current price of $37.06 and analysts' consensus price target of $73.25. Wageworks shares should encounter resistance at the 200-day moving average (MA) of $40.96 and support at the 50-day MA of $31.41.

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

Keywords: bearish inside day candle wageworks

Ticker(s): WAGE