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Possible Bullish Inside Day Candle Pattern Detected for Reynolds American (NYSE:RAI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Reynolds American (NYSE:RAI) based on the price action in the company's shares. Today's price range of $65.78 and $65.98 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 Reynolds American may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Reynolds American share prices have moved between a 52-week high of $66.35 and a 52-week low of $35.39 and are now trading 86% above that low price at $65.95 per share. The 200-day and 50-day moving averages have moved 0.42% higher and 0.1% lower over the past week, respectively.

Based on a current price of $65.95, Reynolds American is currently 9.4% above its average consensus analyst price target of $59.74. Reynolds American shares have support at the 50-day moving average (MA) of $50.13 and additional support at the 200-day MA of $46.54.

Reynolds American Inc., through its subsidiaries, manufactures tobacco and smokeless tobacco products. The Company's subsidiary sells its products in the United States and its territories.

SmarTrend recommended that subscribers consider buying shares of Reynolds American on October 21st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $54.89. Since that recommendation, shares of Reynolds American have risen 19.5%. We continue to monitor RAI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Reynolds American

Ticker(s): RAI