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Possible Bearish Inside Day Candle Pattern Detected for General Dynamics (NYSE:GD)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in General Dynamics (NYSE:GD) based on the price action in the company's shares. Today's price range of $207.38 and $208.69 is within yesterday'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. Owners of General Dynamics may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 20.3% for shares of General Dynamics based on a current price of $208.13 and an average consensus analyst price target of $250.38. General Dynamics shares should first meet resistance at the 200-day moving average (MA) of $208.77 and find additional resistance at the 50-day MA of $212.55.

General Dynamics share prices have moved between a 52-week high of $230.00 and a 52-week low of $191.00 and are now trading 9% above that low price at $208.13 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.7%.

General Dynamics Corporation is a diversified defense company. The Company offers a broad portfolio of products and services in business aviation, combat vehicles, weapons systems, munitions, shipbuilding design and construction, information systems, and technologies.

SmarTrend recommended that its subscribers protect gains by selling shares of General Dynamics on April 11th, 2018 by issuing a Downtrend alert when the shares were trading at $215.74. Since that call, shares of General Dynamics have fallen 3.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle General Dynamics

Ticker(s): GD