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

By Shiri Gupta

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 $30.29 and $30.82 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.

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.

There is potential upside of 21.4% for shares of Weyerhaeuser Co based on a current price of $30.73 and an average consensus analyst price target of $37.29. The stock should find initial support at its 50-day moving average (MA) of $29.85 and further support at its 200-day MA of $27.40.

Over the past year, Weyerhaeuser Co has traded in a range of $22.35 to $31.58 and closed yesterday at $30.73, 37% above that low. The 200-day and 50-day moving averages have moved 0.30% higher and 0.29% higher over the past week, respectively.

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 am inside day candle weyerhaeuser co

Ticker(s): WY