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Possible Bullish Inside Day Candle Pattern Detected for Raytheon Co (NYSE:RTN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Raytheon Co (NYSE:RTN) based on the price action in the company's shares. Yesterday's price range of $219.75 and $220.14 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 Raytheon Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 6.3% exists for Raytheon Co, based on a current level of $224.40 and analysts' average consensus price target of $238.48. Raytheon Co shares have support at the 50-day moving average (MA) of $216.04 and additional support at the 200-day MA of $191.96.

Raytheon Co share prices have moved between a 52-week high of $222.06 and a 52-week low of $149.26 and closed yesterday at 50% above that low price at $224.40 per share. The 200-day and 50-day moving averages have moved 0.33% higher and 0.57% higher over the past week, respectively.

Raytheon Company is a technology company specializing in defense, homeland security, and other government markets throughout the world. The Company provides electronics, mission systems integration, and other capabilities in the areas of sensing, effects, and command, control, communications and intelligence systems, as well as mission support services.

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

Keywords: bullish am inside day candle raytheon co

Ticker(s): RTN