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Possible Bullish Inside Day Candle Pattern Detected for Teledyne Tech (NYSE:TDY)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Teledyne Tech (NYSE:TDY) based on the price action in the company's shares. Yesterday's price range of $366.90 and $371.86 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 Teledyne Tech may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Teledyne Tech (NYSE:TDY) defies analysts with a current price ($369.34) 45.7% above its average consensus price target of $200.50. The stock should discover initial support at its 50-day moving average (MA) of $355.66 and subsequent support at its 200-day MA of $305.20.

Teledyne Technologies Inc. provides electronic subsystems and instrumentation. The Company provides aerospace and defense electronics, digital imaging products and software, monitoring instrumentation for marine and environmental applications, harsh environment interconnect products, and subsystems for satellite communications. Teledyne also provides engineered systems.

In the past 52 weeks, shares of Teledyne Tech have traded between a low of $216.52 and a high of $398.99 and closed yesterday at $369.34, which is 71% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.4%.

SmarTrend recommended that subscribers consider buying shares of Teledyne Tech on June 5th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $247.47. Since that recommendation, shares of Teledyne Tech have risen 47.5%. We continue to monitor TDY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle teledyne tech

Ticker(s): TDY