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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 $26.51 and $26.77 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, one of the world's largest private owners of timberlands, began operations in 1900. We own or control 12.2 million acres of timberlands in the U.S., and manage additional timberlands under long-term licenses in Canada.

Weyerhaeuser Co share prices have moved between a 52-week high of $30.96 and a 52-week low of $20.52 and closed yesterday at 30% above that low price at $26.62 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.3%.

Potential upside of 40.1% exists for Weyerhaeuser Co, based on a current level of $26.62 and analysts' average consensus price target of $37.29. The stock should find initial support at its 50-day moving average (MA) of $26.30 and further support at its 200-day MA of $25.52.

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