• Return to Headlines

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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Raytheon (NYSE:RTN) based on the price action in the company's shares. Today's price range of $137.04 and $137.98 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 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 have traded between a low of $95.32 and a high of $138.07 and are now at $137.28, which is 44% above that low price. The 200-day and 50-day moving averages have moved 0.47% higher and 0.18% higher over the past week, respectively.

Raytheon (NYSE:RTN) defies analysts with a current price ($137.28) 4.5% above its average consensus price target of $131.06. Raytheon shares have support at the 50-day moving average (MA) of $124.87 and additional support at the 200-day MA of $118.35.

Raytheon Company conducts operations in defense and government electronics, space, information technology and technical services. The Company designs, develops, manufactures, integrates, supports and provides a wide range of products, services and solutions for principally governmental customers in the United States and abroad. Raytheon has employees worldwide.

SmarTrend recommended that subscribers consider buying shares of Raytheon on January 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $125.36. Since that recommendation, shares of Raytheon have risen 10.1%. 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

Ticker(s): RTN