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Possible Bullish Inside Day Candle Pattern Detected for Raven Industries (NASDAQ:RAVN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Raven Industries (NASDAQ:RAVN) based on the price action in the company's shares. Yesterday's price range of $33.65 and $36.05 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 Raven Industries may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Raven Industries has overhead space with shares priced $35.95, or 5.4% below the average consensus analyst price target of $38.00. The stock should discover initial support at its 200-day moving average (MA) of $16.66 and subsequent support at its 50-day MA of $15.66.

Raven Industries, Inc. manufactures precisions agriculture products and information tools including GPS, field computers, assisted-steering systems, and other field management technology. The company manufactures high-performance plastic films and sheeting for industrial applications. Raven also provides balloons, inflatables, and industrial controls.

Over the past year, Raven Industries has traded in a range of $18.01 to $40.85 and closed yesterday at $35.95, 100% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 0.2%.

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

Keywords: bullish am inside day candle raven industries

Ticker(s): RAVN