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

By James Quinn

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 $194.15 and $195.84 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.

In the past 52 weeks, shares of Raytheon Co have traded between a low of $179.29 and a high of $229.75 and are now at $194.34, which is 8% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Raytheon Co (NYSE:RTN) has potential upside of 22.7% based on a current price of $194.34 and analysts' consensus price target of $238.48. Raytheon Co shares should first meet resistance at the 50-day moving average (MA) of $200.72 and find additional resistance at the 200-day MA of $205.14.

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.

SmarTrend is monitoring the recent change of momentum in Raytheon Co. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Raytheon Co in search of a potential trend change.

Keywords: bearish inside day candle raytheon co

Ticker(s): RTN