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Possible Bearish Inside Day Candle Pattern Detected for Reynolds American (NYSE:RAI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Reynolds American (NYSE:RAI) based on the price action in the company's shares. Today's price range of $50.22 and $50.59 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 Reynolds American may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Reynolds American (NYSE:RAI) has potential upside of 0.9% based on a current price of $50.40 and analysts' consensus price target of $50.88. The stock should discover initial support at its 50-day moving average (MA) of $50.13 and subsequent support at its 200-day MA of $46.54.

In the past 52 weeks, shares of Reynolds American have traded between a low of $35.39 and a high of $54.48 and are now at $50.40, which is 42% 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 risen 0.4%.

Reynolds American Inc., through its subsidiaries, manufactures tobacco and smokeless tobacco products. The Company's subsidiary sells its products in the United States and its territories.

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

Keywords: bearish inside day candle Reynolds American

Ticker(s): RAI