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

By Amy Schwartz

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. Yesterday's price range of $23.21 and $23.35 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 Weyerhaeuser Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 59.8% for shares of Weyerhaeuser Co based on a current price of $23.34 and an average consensus analyst price target of $37.29. The stock should run into initial resistance at its 50-day moving average (MA) of $25.48 and subsequent resistance at its 200-day MA of $27.06.

In the past 52 weeks, shares of Weyerhaeuser Co have traded between a low of $20.52 and a high of $38.39 and closed yesterday at $23.34, which is 14% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has slid 0.6%.

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control 12.2 million acres of timberlands in the U.S., and manage additional timberlands under long-term licenses in Canada.

SmarTrend recommended that its subscribers protect gains by selling shares of Weyerhaeuser Co on May 9th, 2019 by issuing a Downtrend alert when the shares were trading at $25.44. Since that call, shares of Weyerhaeuser Co have fallen 7.9%. 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 weyerhaeuser co

Ticker(s): WY