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Possible Bullish Inside Day Candle Pattern Detected for Watts Water Te-A (NYSE:WTS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Watts Water Te-A (NYSE:WTS) based on the price action in the company's shares. Yesterday's price range of $79.00 and $81.22 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. Traders and investors interested in shares of Watts Water Te-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Watts Water Te-A share prices have been bracketed by a low of $69.02 and a high of $114.45 and closed yesterday at $80.84, 17% above that low price. The 200-day and 50-day moving averages have moved 0.29% lower and 2.34% lower over the past week, respectively.

Watts Water Technologies, Inc. designs, manufactures, and sells a line of products to the water regulation and control markets. The Company has manufacturing plants and distribution channels in the United States, Canada, and Europe, as well as a joint venture in The People's Republic of China.

There is potential upside of 0.6% for shares of Watts Water Te-A based on a current price of $80.84 and an average consensus analyst price target of $81.29. Watts Water Te-A shares should first meet resistance at the 50-day moving average (MA) of $82.44 and find additional resistance at the 200-day MA of $92.75.

SmarTrend is tracking the current trend status for Watts Water Te-A and will alert subscribers who have WTS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle watts water te-a

Ticker(s): WTS