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

By Nick Russo

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. Today's price range of $52.00 and $52.23 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 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 $72.87 and a 52-week low of $43.27 and are now trading 21% above that low price at $52.23 per share. The 200-day and 50-day moving averages have moved 0.67% lower and 0.03% lower over the past week, respectively.

Textron Inc has overhead space with shares priced $52.23, or 25.0% below the average consensus analyst price target of $69.62. Textron Inc shares should encounter resistance at the 200-day moving average (MA) of $54.57 and support at the 50-day MA of $50.52.

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.

SmarTrend is monitoring the recent change of momentum in Textron Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Textron Inc in search of a potential trend change.

Keywords: bearish inside day candle Textron Inc

Ticker(s): TXT