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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Teledyne Technologies (NYSE:TDY) based on the price action in the company's shares. Yesterday's price range of $105.75 and $107.62 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 Technologies may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Teledyne Technologies (NYSE:TDY) is currently priced 7.2% above its average consensus analyst price target of $98.80. The stock should discover initial support at its 200-day moving average (MA) of $89.86 and subsequent support at its 50-day MA of $88.82.

Teledyne Technologies Incorporated provides electronic and communication products, for wireless and satellite systems, and communications equipment for aircraft. The Company also manufactures aviation and missile engines, on-site power generation systems, and provides systems engineering solutions and information technology for space, defense and industrial applications.

In the past 52 weeks, shares of Teledyne Technologies have traded between a low of $73.66 and a high of $111.81 and closed yesterday at $106.42, which is 44% above that low price. The 200-day and 50-day moving averages have moved 0.34% lower and 0.90% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Teledyne Technologies on July 11th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $101.63. Since that recommendation, shares of Teledyne Technologies have risen 4.7%. 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 technologies

Ticker(s): TDY