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

By Amy Schwartz

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. Today's price range of $76.07 and $76.52 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 Harris may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Harris has traded in a range of $70.10 to $89.78 and is now at $76.40, 9% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Potential upside of 25.1% exists for Harris, based on a current level of $76.40 and analysts' average consensus price target of $95.57. Harris shares should first meet resistance at the 50-day moving average (MA) of $78.33 and find additional resistance at the 200-day MA of $79.36.

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 inside day candle harris

Ticker(s): HRS