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Possible Bullish Inside Day Candle Pattern Detected for Weyerhaeuser Co (NYSE:WY)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Weyerhaeuser Co (NYSE:WY) based on the price action in the company's shares. Yesterday's price range of $17.58 and $17.93 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 Weyerhaeuser Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Weyerhaeuser Company is an integrated forest products company with offices and operations worldwide. The Company primarily grows and harvests trees, develops and construct real estate, and makes a range of forest products. Weyerhaeuser is also classified as a REIT.

Weyerhaeuser Co share prices have moved between a 52-week high of $31.58 and a 52-week low of $13.10 and closed yesterday at 39% above that low price at $18.23 per share. The 200-day and 50-day moving averages have moved 0.41% lower and 3.4% lower over the past week, respectively.

Weyerhaeuser Co (NYSE:WY) has potential upside of 104.6% based on a current price of $18.23 and analysts' consensus price target of $37.29. The stock should find initial resistance at its 50-day moving average (MA) of $20.02 and further resistance at its 200-day MA of $26.21.

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

Keywords: bullish am inside day candle weyerhaeuser co

Ticker(s): WY