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Possible Bullish Inside Day Candle Pattern Detected for Waters Corp (NYSE:WAT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Waters Corp (NYSE:WAT) based on the price action in the company's shares. Yesterday's price range of $185.79 and $188.73 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 Waters 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.

Waters Corp share prices have moved between a 52-week high of $245.68 and a 52-week low of $154.39 and closed yesterday at 23% above that low price at $190.34 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.9%.

Waters Corporation provides high-performance liquid chromatography products and services. The Company distributes its products worldwide to a wide range of industries such as pharmaceuticals, chemicals, and environmental testing. Waters also designs, manufactures, sells, and services thermal analysis, rheometry, calorimetry instruments, and related software products.

Potential upside of 8.0% exists for Waters Corp, based on a current level of $190.34 and analysts' average consensus price target of $205.57. The stock should find initial resistance at its 50-day moving average (MA) of $193.80 and further resistance at its 200-day MA of $213.86.

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

Keywords: bullish am inside day candle waters corp

Ticker(s): WAT