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Possible Bullish Inside Day Candle Pattern Detected for Westlake Chemical (NYSE:WLK)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Westlake Chemical (NYSE:WLK) based on the price action in the company's shares. Today's price range of $43.84 and $44.54 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 Westlake Chemical 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, Westlake Chemical has traded in a range of $39.90 to $77.59 and is now at $44.06, 10% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has slid 0.6%.

Westlake Chemical (NYSE:WLK) has potential upside of 54.6% based on a current price of $44.06 and analysts' consensus price target of $68.10. The stock should run into initial resistance at its 50-day moving average (MA) of $46.88 and subsequent resistance at its 200-day MA of $52.52.

Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and fabricated products. The Company serves a range of consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, and residential and commercial construction.

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

Keywords: bullish inside day candle westlake chemical

Ticker(s): WLK