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Possible Bullish Inside Day Candle Pattern Detected for General Dynamics (NYSE:GD)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in General Dynamics (NYSE:GD) based on the price action in the company's shares. Today's price range of $147.45 and $147.87 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. Traders and investors interested in shares of General Dynamics may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

General Dynamics (NYSE:GD) has potential upside of 13.9% based on a current price of $147.75 and analysts' consensus price target of $168.21. The stock should discover initial support at its 200-day moving average (MA) of $139.32 and subsequent support at its 50-day MA of $135.27.

General Dynamics share prices have moved between a 52-week high of $153.76 and a 52-week low of $121.61 and are now trading 21% above that low price at $147.75 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

General Dynamics Corporation is a diversified defense company. The Company offers a broad portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; shipbuilding design and construction; and information systems, technologies and services.

SmarTrend recommended that subscribers consider buying shares of General Dynamics on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $142.07. Since that recommendation, shares of General Dynamics have risen 3.7%. We continue to monitor GD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle General Dynamics

Ticker(s): GD