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Possible Bearish Inside Day Candle Pattern Detected for Casella Waste (NASDAQ:CWST)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Casella Waste (NASDAQ:CWST) based on the price action in the company's shares. Yesterday's price range of $41.60 and $43.55 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 Casella Waste may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Casella Waste (NASDAQ:CWST) is currently priced 30.9% above its average consensus analyst price target of $29.00. The stock should run into initial resistance at its 200-day moving average (MA) of $44.90 and subsequent resistance at its 50-day MA of $48.86.

In the past 52 weeks, shares of Casella Waste have traded between a low of $32.07 and a high of $56.14 and closed yesterday at $41.99, which is 31% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.7%.

Casella Waste Systems, Inc. provides integrated and non-hazardous solid waste services throughout the Eastern United States. The Company offers collection, transfer, disposal, and recycling services, generates steam, and manufactures finished products utilizing recyclable materials.

SmarTrend recommended that its subscribers protect gains by selling shares of Casella Waste on February 28th, 2020 by issuing a Downtrend alert when the shares were trading at $48.65. Since that call, shares of Casella Waste have fallen 13.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle casella waste

Ticker(s): CWST