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Possible Bearish Inside Day Candle Pattern Detected for Westar Energy (NYSE:WR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Westar Energy (NYSE:WR) based on the price action in the company's shares. Yesterday's price range of $53.61 and $53.95 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 Westar Energy may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Westar Energy, Inc. is an electric utility company servicing customers in Kansas. The company provides electric generation, transmission and distribution services.

In the past 52 weeks, shares of Westar Energy have traded between a low of $33.88 and a high of $57.24 and closed yesterday at $53.89, which is 59% above that low price. The 200-day and 50-day moving averages have moved 0.74% higher and 0.93% higher over the past week, respectively.

Westar Energy (NYSE:WR) is currently priced 23.7% above its average consensus analyst price target of $41.12. Westar Energy shares have support at the 50-day moving average (MA) of $48.42 and additional support at the 200-day MA of $42.32.

SmarTrend recommended that subscribers consider buying shares of Westar Energy on March 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $45.92. Since that recommendation, shares of Westar Energy have risen 17.4%. We continue to monitor WR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle westar energy

Ticker(s): WR