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Possible Bearish Inside Day Candle Pattern Detected for Transdigm Group (NYSE:TDG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Transdigm Group (NYSE:TDG) based on the price action in the company's shares. Yesterday's price range of $344.90 and $349.65 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 Transdigm Group may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Transdigm Group share prices have moved between a 52-week high of $377.67 and a 52-week low of $268.40 and closed yesterday at 30% above that low price at $349.89 per share. The 200-day and 50-day moving averages have moved 0.30% higher and 0.73% higher over the past week, respectively.

Transdigm Group has overhead space with shares priced $349.89, or 1.6% below the average consensus analyst price target of $355.40. The stock should discover initial support at its 50-day moving average (MA) of $343.77 and subsequent support at its 200-day MA of $343.40.

TransDigm Group, Inc., through subsidiaries, manufactures aircraft components. The Company produces ignition systems and components, gear pumps, mechanical and electromechanical actuators and controls, NiCad batteries and chargers, power conditioning devices, hold-open rods and locking devices, engineered connectors and latches, cockpit security devices, and AC and DC motors.

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

Keywords: bearish am inside day candle transdigm group

Ticker(s): TDG