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Possible Bearish Inside Day Candle Pattern Detected for Wabash National (NYSE:WNC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wabash National (NYSE:WNC) based on the price action in the company's shares. Yesterday's price range of $8.01 and $8.30 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 Wabash National may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Wabash National Corporation designs, manufactures, and supplies trailers. The Company offers dry freight and refrigerated vans, flatbed, drop deck, dump trailers, truck bodies, and stainless steel vessels. Wabash National serves customers in North America.

In the past 52 weeks, Wabash National share prices have been bracketed by a low of $6.26 and a high of $16.70 and closed yesterday at $8.15, 30% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.1% while the 200-day MA has slid 0.8%.

Potential upside of 209.2% exists for Wabash National, based on a current level of $8.15 and analysts' average consensus price target of $25.20. The stock should find resistance at its 200-day moving average (MA) of $12.66, as well as support at its 50-day MA of $8.07.

SmarTrend recommended that subscribers consider buying shares of Wabash National on April 9th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $8.03. Since that recommendation, shares of Wabash National have risen 4.9%. We continue to monitor WNC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle wabash national

Ticker(s): WNC