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Possible Bullish Inside Day Candle Pattern Detected for Esterline Technologies (NYSE:ESL)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Esterline Technologies (NYSE:ESL) based on the price action in the company's shares. Yesterday's price range of $56.96 and $57.90 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. Traders and investors interested in shares of Esterline Technologies may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Esterline Technologies Corporation is worldwide supplier to the aerospace and defense industry. The Company's core products include technology interface systems for commercial and military aircraft, jet engine sensors and electrical power distribution equipment, high temperature resistant materials, combustible ordinance and electronic warfare countermeasure products.

In the past 52 weeks, Esterline Technologies share prices have been bracketed by a low of $45.12 and a high of $114.22 and closed yesterday at $57.64, 28% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 1.6%.

Esterline Technologies (NYSE:ESL) has potential upside of 66.9% based on a current price of $57.64 and analysts' consensus price target of $96.22. The stock should run into initial resistance at its 50-day moving average (MA) of $64.10 and subsequent resistance at its 200-day MA of $75.11.

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

Keywords: bullish am inside day candle esterline technologies

Ticker(s): ESL