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Possible Bearish Inside Day Candle Pattern Detected for Williams Cos Inc (NYSE:WMB)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Williams Cos Inc (NYSE:WMB) based on the price action in the company's shares. Today's price range of $28.65 and $28.65 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 Williams Cos Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Williams Cos Inc share prices have been bracketed by a low of $20.36 and a high of $32.22 and are now at $28.65, 41% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.4%.

Williams Cos Inc (NYSE:WMB) has potential upside of 14.3% based on a current price of $28.65 and analysts' consensus price target of $32.74. The stock should discover initial support at its 50-day moving average (MA) of $26.91 and subsequent support at its 200-day MA of $26.89.

The Williams Companies, Inc. is an energy infrastructure company focused on connecting North America's hydrocarbon resource plays to growing markets for natural gas, natural gas liquids (NGLs), and olefins. The Company owns and operates midstream gathering and processing assets, and interstate natural gas pipelines.

SmarTrend recommended that subscribers consider buying shares of Williams Cos Inc on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.88. Since that recommendation, shares of Williams Cos Inc have risen 21.1%. We continue to monitor WMB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle williams cos inc

Ticker(s): WMB