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Possible Bearish Inside Day Candle Pattern Detected for Teledyne Tech (NYSE:TDY)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Teledyne Tech (NYSE:TDY) based on the price action in the company's shares. Yesterday's price range of $232.47 and $232.47 is within the prior day'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 Teledyne Tech may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Teledyne Tech has traded in a range of $177.68 to $250.87 and closed yesterday at $232.72, 31% above that low. The 200-day and 50-day moving averages have moved 0.21% higher and 0.75% higher over the past week, respectively.

Based on a current price of $232.72, Teledyne Tech is currently 13.8% above its average consensus analyst price target of $200.50. The stock should find initial support at its 50-day moving average (MA) of $226.96 and further support at its 200-day MA of $222.01.

Teledyne Technologies Inc. provides electronic subsystems and instrumentation. The Company provides aerospace and defense electronics, digital imaging products and software, monitoring instrumentation for marine and environmental applications, harsh environment interconnect products, and subsystems for satellite communications. Teledyne also provides engineered systems.

SmarTrend recommended that subscribers consider buying shares of Teledyne Tech on December 31st, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $205.39. Since that recommendation, shares of Teledyne Tech have risen 14.3%. We continue to monitor TDY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle teledyne tech

Ticker(s): TDY