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Possible Bullish Inside Day Candle Pattern Detected for WESCO International (NYSE:WCC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in WESCO International (NYSE:WCC) based on the price action in the company's shares. Yesterday's price range of $51.80 and $52.70 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 WESCO International 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, WESCO International share prices have been bracketed by a low of $34.00 and a high of $74.61 and closed yesterday at $52.40, 54% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 2.1%.

WESCO International, Inc. distributes electrical products and other industrial maintenance, repair, and operating supplies. The Company also provides integrated supply services. WESCO operates branches and distribution centers in the United States, Canada, Puerto Rico, Guam, Mexico, the United Kingdom, and Singapore, which serve customers worldwide.

WESCO International (NYSE:WCC) has potential upside of 1.3% based on a current price of $52.40 and analysts' consensus price target of $53.09. WESCO International shares should encounter resistance at the 50-day moving average (MA) of $53.13 and support at its 200-day MA of $49.26.

SmarTrend recommended that its subscribers protect gains by selling shares of WESCO International on October 18th, 2016 by issuing a Downtrend alert when the shares were trading at $58.75. Since that call, shares of WESCO International have fallen 12.0%. 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 wesco international

Ticker(s): WCC