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Possible Bullish Inside Day Candle Pattern Detected for Textron (NYSE:TXT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Textron (NYSE:TXT) based on the price action in the company's shares. Today's price range of $34.47 and $35.03 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 Textron may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Textron share prices have moved between a 52-week high of $46.93 and a 52-week low of $30.69 and are now trading 13% above that low price at $34.61 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.0%.

Textron Inc. is a global, multi-industry company with operations in aircraft, defense, industrial products, and finance. The Company's products include airplanes, helicopters, weapons, and automotive products. Textron's finance division offers asset based lending, aviation, distribution, golf, and resort finance, as well as structured capital.

Textron (NYSE:TXT) has potential upside of 44.7% based on a current price of $34.61 and analysts' consensus price target of $50.09. The stock should run into initial resistance at its 50-day moving average (MA) of $36.42 and subsequent resistance at its 200-day MA of $38.88.

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

Keywords: bullish inside day candle Textron

Ticker(s): TXT