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Possible Bearish Inside Day Candle Pattern Detected for Wesbanco Inc (NASDAQ:WSBC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wesbanco Inc (NASDAQ:WSBC) based on the price action in the company's shares. Yesterday's price range of $34.31 and $34.72 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 Wesbanco Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 35.6% exists for Wesbanco Inc, based on a current level of $34.67 and analysts' average consensus price target of $47.00. The stock should find initial resistance at its 50-day moving average (MA) of $36.04 and further resistance at its 200-day MA of $36.61.

In the past 52 weeks, Wesbanco Inc share prices have been bracketed by a low of $31.63 and a high of $44.19 and closed yesterday at $34.67, 10% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.4%.

WesBanco, Inc. operates as a bank holding company. The Company, through its subsidiaries, offers banking products and services such as savings accounts, online banking, debit and credit cards, personal and business loans, mortgage lending, treasury management, and insurance services. WesBanco conducts business in the United States.

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

Keywords: bearish am inside day candle wesbanco inc

Ticker(s): WSBC