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Possible Bullish Inside Day Candle Pattern Detected for Wabtec (NYSE:WAB)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Wabtec (NYSE:WAB) based on the price action in the company's shares. Today's price range of $68.16 and $69.17 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. Traders and investors interested in shares of Wabtec may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Wabtec has traded in a range of $60.28 to $103.07 and is now at $68.49, 14% above that low. The 200-day and 50-day moving averages have moved 0.34% lower and 1.35% higher over the past week, respectively.

Wabtec has overhead space with shares priced $68.49, or 30.3% below the average consensus analyst price target of $98.30. Wabtec shares should first meet resistance at the 50-day moving average (MA) of $78.40 and find additional resistance at the 200-day MA of $80.70.

Wabtec Corporation, doing business as Westinghouse Air Brake Technologies Corporation, provides technology products and services for the rail industry on a worldwide basis. The Company manufactures a range of products for locomotives, freight cars, and passenger transit vehicles. Wabtec also builds new locomotives and provides aftermarket services.

SmarTrend recommended that its subscribers protect gains by selling shares of Wabtec on May 17th, 2016 by issuing a Downtrend alert when the shares were trading at $77.83. Since that call, shares of Wabtec have fallen 13.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle wabtec

Ticker(s): WAB