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Possible Bearish Inside Day Candle Pattern Detected for Waste Connections (NYSE:WCN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Waste Connections (NYSE:WCN) based on the price action in the company's shares. Today's price range of $66.06 and $66.94 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 Waste Connections may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Waste Connections, Inc. provides solid waste collection, transfer, disposal, and recycling services in secondary markets of the western United States. The Company owns and operates collection facilities, transfer stations, landfills, and recycling facilities.

In the past 52 weeks, shares of Waste Connections have traded between a low of $44.81 and a high of $67.27 and are now at $66.86, which is 49% above that low price. The 200-day and 50-day moving averages have moved 0.66% higher and 0.66% higher over the past week, respectively.

Waste Connections (NYSE:WCN) defies analysts with a current price ($66.86) 12.8% above its average consensus price target of $58.30. The stock should find initial support at its 50-day moving average (MA) of $64.07 and further support at its 200-day MA of $55.47.

SmarTrend is tracking the current trend status for Waste Connections and will alert subscribers who have WCN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle waste connections

Ticker(s): WCN