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Possible Bearish Inside Day Candle Pattern Detected for Wash Fed (NASDAQ:WAFD)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wash Fed (NASDAQ:WAFD) based on the price action in the company's shares. Today's price range of $33.49 and $33.62 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 Wash Fed may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Wash Fed has overhead space with shares priced $33.62, or 6.6% below the average consensus analyst price target of $36.00. The stock should discover initial support at its 50-day moving average (MA) of $32.55 and subsequent support at its 200-day MA of $30.15.

In the past 52 weeks, shares of Wash Fed have traded between a low of $24.67 and a high of $35.25 and are now at $33.62, which is 36% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has remained constant.

Washington Federal, Inc. is a bank holding company. The Company's principal activities consists of taking deposits from the public and investing these funds in loans of various types, including first lien mortgages on single-family dwellings, construction loans, land acquisition and development loans, and loans on multi-family and other income producing properties.

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

Keywords: bearish inside day candle wash fed

Ticker(s): WAFD