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Possible Bearish Inside Day Candle Pattern Detected for Woodward Inc (NASDAQ:WWD)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Woodward Inc (NASDAQ:WWD) based on the price action in the company's shares. Yesterday's price range of $121.30 and $122.99 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 Woodward Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Woodward Inc has traded in a range of $71.90 to $124.78 and closed yesterday at $122.19, 70% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.8%.

Woodward Inc (NASDAQ:WWD) is currently priced 29.7% above its average consensus analyst price target of $85.89. Woodward Inc shares have support at the 50-day moving average (MA) of $115.23 and additional support at the 200-day MA of $109.29.

Woodward, Inc. designs, manufactures, and services energy control systems and components for aircraft and industrial engines and turbines. The Company's products and services are used in the aerospace, power generation, oil and gas processing, and transportation markets, which includes rail, marine, and light and heavy industrial applications.

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

Keywords: bearish am inside day candle woodward inc

Ticker(s): WWD