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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 $40.46 and $41.21 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.

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.

In the past 52 weeks, shares of Westlake Chemical have traded between a low of $39.68 and a high of $77.59 and are now at $40.50, which is 2% above that low price. The 200-day and 50-day moving averages have moved 0.59% lower and 1.02% higher over the past week, respectively.

There is potential upside of 68.1% for shares of Westlake Chemical based on a current price of $40.50 and an average consensus analyst price target of $68.10. The stock should find initial resistance at its 50-day moving average (MA) of $46.88 and further resistance at its 200-day MA of $52.52.

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