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Possible Bearish Inside Day Candle Pattern Detected for Weyerhaeuser Co (NYSE:WY)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Weyerhaeuser Co (NYSE:WY) based on the price action in the company's shares. Today's price range of $30.51 and $30.78 is within yesterday'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 Weyerhaeuser Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Weyerhaeuser Co share prices have moved between a 52-week high of $31.58 and a 52-week low of $22.35 and are now trading 37% above that low price at $30.51 per share. The 200-day and 50-day moving averages have moved 0.21% higher and 0.20% higher over the past week, respectively.

Weyerhaeuser Company is an integrated forest products company with offices and operations worldwide. The Company primarily grows and harvests trees, develops and construct real estate, and makes a range of forest products. Weyerhaeuser is also classified as a REIT.

Weyerhaeuser Co (NYSE:WY) has potential upside of 22.2% based on a current price of $30.51 and analysts' consensus price target of $37.29. The stock should find initial support at its 50-day moving average (MA) of $29.82 and further support at its 200-day MA of $27.37.

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

Keywords: bearish inside day candle weyerhaeuser co

Ticker(s): WY