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Possible Bullish Inside Day Candle Pattern Detected for Genesee & Wyomin (NYSE:GWR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Genesee & Wyomin (NYSE:GWR) based on the price action in the company's shares. Yesterday's price range of $75.17 and $76.94 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. Traders and investors interested in shares of Genesee & Wyomin may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Genesee & Wyomin have traded between a low of $67.61 and a high of $92.91 and closed yesterday at $76.19, which is 13% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.9%.

Genesee & Wyoming Inc., through its subsidiaries, owns and operates short line and regional freight railroads and provides related rail services. The Company also provides railroad switching and related services to United States industries with extensive railroad facilities within their complexes. Genessee operates in the United States and Australia.

Genesee & Wyomin has overhead space with shares priced $76.19, or 4.3% below the average consensus analyst price target of $79.62. Genesee & Wyomin shares should first meet resistance at the 200-day moving average (MA) of $79.78 and find additional resistance at the 50-day MA of $87.32.

SmarTrend recommended that its subscribers protect gains by selling shares of Genesee & Wyomin on October 10th, 2018 by issuing a Downtrend alert when the shares were trading at $85.36. Since that call, shares of Genesee & Wyomin have fallen 12.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle genesee & wyomin

Ticker(s): GWR