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Possible Bearish Inside Day Candle Pattern Detected for West Pharmaceutical Services (NYSE:WST)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in West Pharmaceutical Services (NYSE:WST) based on the price action in the company's shares. Yesterday's price range of $81.33 and $82.36 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 West Pharmaceutical Services may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

West Pharmaceutical Services, Inc. applies value-added services to the process of bringing new drug therapies and healthcare products to global markets. The Company's technologies include the design and manufacture of packaging components, research and development of drug delivery systems, and contract laboratory services and other services.

West Pharmaceutical Services (NYSE:WST) is currently priced 21.4% above its average consensus analyst price target of $64.00. West Pharmaceutical Services shares have support at the 50-day moving average (MA) of $67.97 and additional support at the 200-day MA of $60.91.

In the past 52 weeks, West Pharmaceutical Services share prices have been bracketed by a low of $52.73 and a high of $84.33 and closed yesterday at $81.39, 54% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has risen 0.3%.

SmarTrend recommended that subscribers consider buying shares of West Pharmaceutical Services on July 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $76.43. Since that recommendation, shares of West Pharmaceutical Services have risen 6.5%. We continue to monitor WST for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle west pharmaceutical services

Ticker(s): WST