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

By Nick Russo

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 $20.87 and $20.99 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, Inc. is an industrial manufacturer focusing on plastics and electronics. The Company manufactures ultra thin and reinforced plastic sheeting, provides electronic manufacturing services, and manufactures precision products for agriculture. Raven also provides balloons, inflatables, contract electronics, and industrial controls through its subsidiaries.

Over the past year, Raven Industries has traded in a range of $12.88 to $42.99 and closed yesterday at $20.94, 63% 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%.

Raven Industries (NASDAQ:RAVN) is currently priced 2.1% above its average consensus analyst price target of $20.50. 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.

SmarTrend recommended that subscribers consider buying shares of Raven Industries on March 18th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $15.63. Since that recommendation, shares of Raven Industries have risen 33.4%. We continue to monitor RAVN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle raven industries

Ticker(s): RAVN