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Possible Bearish Inside Day Candle Pattern Detected for Textron Inc (NYSE:TXT)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Textron Inc (NYSE:TXT) based on the price action in the company's shares. Yesterday's price range of $44.97 and $45.14 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 Textron Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Textron Inc share prices have moved between a 52-week high of $58.00 and a 52-week low of $42.30 and closed yesterday at 7% above that low price at $45.34 per share. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.2%.

Textron Inc. is a global, multi-industry company with operations in aircraft, defense, industrial products, and finance. The Company's products include airplanes, helicopters, weapons, and automotive products. Textron's finance division offers asset based lending, aviation, distribution, golf, and resort finance, as well as structured capital.

There is potential upside of 53.5% for shares of Textron Inc based on a current price of $45.34 and an average consensus analyst price target of $69.62. The stock should run into initial resistance at its 50-day moving average (MA) of $45.52 and subsequent resistance at its 200-day MA of $48.43.

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

Keywords: bearish am inside day candle Textron Inc

Ticker(s): TXT