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Possible Bearish Inside Day Candle Pattern Detected for Williams Cos Inc (NYSE:WMB)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Williams Cos Inc (NYSE:WMB) based on the price action in the company's shares. Yesterday's price range of $17.80 and $18.22 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 Williams Cos Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

The Williams Companies, Inc. is an energy infrastructure company focused on connecting North America's hydrocarbon resource plays to growing markets for natural gas, natural gas liquids (NGLs), and olefins. The Company owns and operates midstream gathering and processing assets, and interstate natural gas pipelines.

Over the past year, Williams Cos Inc has traded in a range of $8.41 to $29.06 and closed yesterday at $18.02, 114% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has slid 0.7%.

There is potential upside of 81.7% for shares of Williams Cos Inc based on a current price of $18.02 and an average consensus analyst price target of $32.74. The stock should hit resistance at its 200-day moving average (MA) of $21.96, as well as support at its 50-day MA of $16.73.

SmarTrend recommended that subscribers consider buying shares of Williams Cos Inc on March 25th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $13.30. Since that recommendation, shares of Williams Cos Inc have risen 39.1%. We continue to monitor WMB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle williams cos inc

Ticker(s): WMB