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Possible Bearish Inside Day Candle Pattern Detected for Harris (NYSE:HRS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Harris (NYSE:HRS) based on the price action in the company's shares. Yesterday's price range of $79.81 and $80.72 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. Owners of Harris 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 19.4% for shares of Harris based on a current price of $80.05 and an average consensus analyst price target of $95.57. The stock should find initial support at its 200-day moving average (MA) of $79.47 and further support at its 50-day MA of $78.14.

Harris share prices have moved between a 52-week high of $89.78 and a 52-week low of $70.10 and closed yesterday at 14% above that low price at $80.05 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

Harris Corporation is an international communications equipment company focused on product, system, and service solutions. The Company provides a range of mission critical communications products, systems and services for global markets, including defense communications and electronics, government communications, broadcast communications and wireless transmission network solutions.

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

Keywords: bearish am inside day candle harris

Ticker(s): HRS