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Possible Bearish Inside Day Candle Pattern Detected for Raytheon Co (NYSE:RTN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Raytheon Co (NYSE:RTN) based on the price action in the company's shares. Today's price range of $178.65 and $178.65 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 Raytheon Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Raytheon Company develops integrated products, services, and solutions for the defense and other government markets worldwide. It operates through five segments: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and Forcepoint.

There is potential upside of 33.5% for shares of Raytheon Co based on a current price of $178.65 and an average consensus analyst price target of $238.48. The stock should find initial resistance at its 50-day moving average (MA) of $180.84 and further resistance at its 200-day MA of $182.73.

Over the past year, Raytheon Co has traded in a range of $144.27 to $214.76 and is now at $178.65, 24% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.3%.

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

Keywords: bearish inside day candle raytheon co

Ticker(s): RTN