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Possible Bullish Inside Day Candle Pattern Detected for Western Refining (NYSE:WNR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Western Refining (NYSE:WNR) based on the price action in the company's shares. Today's price range of $33.00 and $33.37 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 Western Refining may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Western Refining share prices have moved between a 52-week high of $50.71 and a 52-week low of $18.14 and are now trading 83% above that low price at $33.27 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has slid 1.3%.

Western Refining (NYSE:WNR) has potential upside of 16.6% based on a current price of $33.27 and analysts' consensus price target of $38.78. The stock should find resistance at its 200-day moving average (MA) of $37.39, as well as support at its 50-day MA of $27.74.

Western Refining, Inc., through a subsidiary, refines crude oil and markets petroleum products. The subsidiary primarily produces gasoline, diesel, and jet fuel. The products are marketed in Arizona, New Mexico and Texas in the United States, and Juarez, Mexico.

SmarTrend is monitoring the recent change of momentum in Western Refining. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Western Refining in search of a potential trend change.

Keywords: bullish inside day candle western refining

Ticker(s): WNR