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Possible Bearish Inside Day Candle Pattern Detected for Kaman Corp (NYSE:KAMN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Kaman Corp (NYSE:KAMN) based on the price action in the company's shares. Yesterday's price range of $37.14 and $39.43 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. Owners of Kaman Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Kaman Corp has overhead space with shares priced $37.33, or 45.1% below the average consensus analyst price target of $68.00. Kaman Corp shares should first meet resistance at the 50-day moving average (MA) of $55.30 and find additional resistance at the 200-day MA of $59.98.

Kaman Corp share prices have moved between a 52-week high of $68.24 and a 52-week low of $29.38 and closed yesterday at 27% above that low price at $37.33 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 5.2%.

Kaman Corporation and its subsidiaries serve government and commercial markets through its diversified technologies and distribution segments. The Company provides aircraft manufacturing, design and manufacture of advanced technology products and systems, and advanced technology services. Kaman also distributes industrial products.

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

Keywords: bearish am inside day candle kaman corp

Ticker(s): KAMN