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Possible Bearish Inside Day Candle Pattern Detected for Wabtec Corp (NYSE:WAB)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wabtec Corp (NYSE:WAB) based on the price action in the company's shares. Yesterday's price range of $50.29 and $51.44 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 Wabtec Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Wabtec Corporation, doing business as Westinghouse Air Brake Technologies Corporation, provides technology products and services for the rail industry on a worldwide basis. The Company manufactures a range of products for locomotives, freight cars, and passenger transit vehicles. Westinghouse Air Brake Technologies also builds new locomotives and provides aftermarket services.

Wabtec Corp has overhead space with shares priced $52.53, or 46.4% below the average consensus analyst price target of $98.08. The stock should run into initial resistance at its 50-day moving average (MA) of $62.48 and subsequent resistance at its 200-day MA of $70.54.

Wabtec Corp share prices have moved between a 52-week high of $81.75 and a 52-week low of $35.07 and closed yesterday at 50% above that low price at $52.53 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 2.5%.

SmarTrend is monitoring the recent change of momentum in Wabtec Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Wabtec Corp in search of a potential trend change.

Keywords: bearish am inside day candle wabtec corp

Ticker(s): WAB