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Possible Bullish Inside Day Candle Pattern Detected for Spirit Aerosystems Holdings (NYSE:SPR)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Spirit Aerosystems Holdings (NYSE:SPR) based on the price action in the company's shares. Yesterday's price range of $41.91 and $42.70 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 Spirit Aerosystems Holdings may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Spirit AeroSystems Holdings Inc. designs and manufactures aerostructures including fuselages, propulsion systems and wing systems for commercial and military aircrafts.

Spirit Aerosystems Holdings has overhead space with shares priced $42.62, or 28.0% below the average consensus analyst price target of $59.15. The stock should run into initial resistance at its 50-day moving average (MA) of $46.53 and subsequent resistance at its 200-day MA of $49.22.

Spirit Aerosystems Holdings share prices have moved between a 52-week high of $57.99 and a 52-week low of $40.03 and closed yesterday at 6% above that low price at $42.62 per share. The 200-day and 50-day moving averages have moved 0.38% lower and 0.15% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Spirit Aerosystems Holdings on June 14th, 2016 by issuing a Downtrend alert when the shares were trading at $44.22. Since that call, shares of Spirit Aerosystems Holdings have fallen 5.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle spirit aerosystems holdings

Ticker(s): SPR