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Possible Bullish Inside Day Candle Pattern Detected for Woodward (NYSE:WWD)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Woodward (NYSE:WWD) based on the price action in the company's shares. Yesterday's price range of $68.11 and $68.60 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 Woodward may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Woodward Inc.designs, manufactures, and services energy control systems and components for aircraft and industrial engines and turbines. The Company's products and services are used in the aerospace, power generation, oil and gas processing, and transportation markets, which includes rail, marine, and many light and heavy industrial applications.

In the past 52 weeks, Woodward share prices have been bracketed by a low of $39.68 and a high of $72.28 and closed yesterday at $68.52, 73% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.1%.

There is potential upside of 2.5% for shares of Woodward based on a current price of $68.52 and an average consensus analyst price target of $70.20. The stock should discover initial support at its 50-day moving average (MA) of $51.84 and subsequent support at its 200-day MA of $47.70.

SmarTrend recommended that subscribers consider buying shares of Woodward on November 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $63.15. Since that recommendation, shares of Woodward have risen 7.8%. We continue to monitor WWD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle woodward

Ticker(s): WWD