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

By David Diaz

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. Yesterday's price range of $43.91 and $44.80 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 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 (NYSE:WLK) has potential upside of 53.2% based on a current price of $44.44 and analysts' consensus price target of $68.10. Westlake Chemical shares should first meet resistance at the 50-day moving average (MA) of $46.88 and find additional resistance at the 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.

In the past 52 weeks, shares of Westlake Chemical have traded between a low of $39.90 and a high of $77.59 and closed yesterday at $44.44, which is 11% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 1.0%.

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 am inside day candle westlake chemical

Ticker(s): WLK