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Possible Bullish Inside Day Candle Pattern Detected for Harris (NYSE:HRS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Harris (NYSE:HRS) based on the price action in the company's shares. Today's price range of $79.10 and $79.72 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 Harris may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Harris has traded in a range of $70.10 to $89.78 and is now at $79.25, 13% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Harris has overhead space with shares priced $79.25, or 17.1% below the average consensus analyst price target of $95.57. Harris shares should encounter resistance at the 200-day moving average (MA) of $79.36 and support at the 50-day MA of $78.33.

Harris Corporation is an international communications equipment company focused on product, system, and service solutions. The Company provides a range of mission critical communications products, systems and services for global markets, including defense communications and electronics, government communications, broadcast communications and wireless transmission network solutions.

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

Keywords: bullish inside day candle harris

Ticker(s): HRS