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

By Shiri Gupta

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 $182.21 and $182.87 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 is a technology company specializing in defense, homeland security, and other government markets throughout the world. The Company provides electronics, mission systems integration, and other capabilities in the areas of sensing, effects, and command, control, communications and intelligence systems, as well as mission support services.

Raytheon Co share prices have moved between a 52-week high of $183.21 and a 52-week low of $130.97 and are now trading 39% above that low price at $182.34 per share. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.2%.

Based on a current price of $182.34, Raytheon Co is currently 4.0% above its average consensus analyst price target of $175.00. Raytheon Co shares have support at the 50-day moving average (MA) of $124.87 and additional support at the 200-day MA of $118.35.

SmarTrend recommended that subscribers consider buying shares of Raytheon Co on February 13th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $151.52. Since that recommendation, shares of Raytheon Co have risen 20.2%. We continue to monitor RTN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle raytheon co

Ticker(s): RTN