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

By James Quinn

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 $72.75 and $73.79 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.

Potential upside of 38.4% exists for Wabtec Corp, based on a current level of $70.88 and analysts' average consensus price target of $98.08. The stock should run into initial resistance at its 200-day moving average (MA) of $72.73 and subsequent resistance at its 50-day MA of $77.69.

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 16% above that low price at $70.88 per share. The 200-day and 50-day moving averages have moved 0.01% higher and 0.17% lower 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.

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

Keywords: bullish am inside day candle wabtec corp

Ticker(s): WAB