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Possible Bearish Inside Day Candle Pattern Detected for Wolverine World Wide (NYSE:WWW)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wolverine World Wide (NYSE:WWW) based on the price action in the company's shares. Yesterday's price range of $24.27 and $24.54 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 Wolverine World Wide may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Wolverine World Wide, Inc. manufactures and markets branded footwear and performance leathers. The Company's products include shoes, slippers, occupational and safety footwear, and performance outdoor footwear, among others.

Wolverine World Wide (NYSE:WWW) has potential upside of 3.4% based on a current price of $24.37 and analysts' consensus price target of $25.19. The stock should find initial support at its 200-day moving average (MA) of $20.30 and further support at its 50-day MA of $18.58.

Over the past year, Wolverine World Wide has traded in a range of $14.74 to $30.93 and closed yesterday at $24.37, 65% above that low. The 200-day and 50-day moving averages have moved 0.95% lower and 0.74% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Wolverine World Wide and will alert subscribers who have WWW in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle wolverine world wide

Ticker(s): WWW