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Possible Bearish Inside Day Candle Pattern Detected for Advanced Drainag (NYSE:WMS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Advanced Drainag (NYSE:WMS) based on the price action in the company's shares. Yesterday's price range of $40.00 and $41.14 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. Owners of Advanced Drainag may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Advanced Drainag share prices have been bracketed by a low of $22.13 and a high of $51.60 and closed yesterday at $40.54, 83% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has declined 2.1%.

Advanced Drainage Systems, Inc. manufactures water drainage structures and supplies. The Company produces pipe fittings, subsurface storm water management surface drainage structures, leaching chambers, basins, channels, grates, and grease interceptors. Advanced Drainage Systems markets and sells its products worldwide.

Advanced Drainag (NYSE:WMS) is currently priced 34.2% above its average consensus analyst price target of $26.67. Advanced Drainag shares have support at the 200-day moving average (MA) of $36.45 and additional support at the 50-day MA of $35.86.

SmarTrend is tracking the current trend status for Advanced Drainag and will alert subscribers who have WMS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle advanced drainag

Ticker(s): WMS