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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Wabtec Corp (NYSE:WAB) based on the price action in the company's shares. Yesterday's price range of $79.18 and $79.65 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. Traders and investors interested in shares of Wabtec Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Wabtec Corp share prices have moved between a 52-week high of $81.75 and a 52-week low of $61.00 and closed yesterday at 29% above that low price at $78.46 per share. The 200-day and 50-day moving averages have moved 0.21% higher and 0.95% higher over the past week, respectively.

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.

There is potential upside of 25.0% for shares of Wabtec Corp based on a current price of $78.46 and an average consensus analyst price target of $98.08. The stock should discover initial support at its 50-day moving average (MA) of $77.25 and subsequent support at its 200-day MA of $72.25.

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: bullish am inside day candle wabtec corp

Ticker(s): WAB