• Return to Headlines

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

By Amy Schwartz

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. Yesterday's price range of $67.95 and $69.17 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 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.

In the past 52 weeks, shares of Wabtec have traded between a low of $60.28 and a high of $103.07 and closed yesterday at $68.60, which is 14% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has slid 0.3%.

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.

There is potential upside of 43.3% for shares of Wabtec based on a current price of $68.60 and an average consensus analyst price target of $98.30. The stock should find initial resistance at its 50-day moving average (MA) of $78.40 and further resistance at its 200-day MA of $80.70.

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 am inside day candle wabtec

Ticker(s): WAB