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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Textron Inc (NYSE:TXT) based on the price action in the company's shares. Yesterday's price range of $44.39 and $44.39 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 Textron Inc 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 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.

In the past 52 weeks, Textron Inc share prices have been bracketed by a low of $42.30 and a high of $58.00 and closed yesterday at $45.15, 7% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.4%.

There is potential upside of 54.2% for shares of Textron Inc based on a current price of $45.15 and an average consensus analyst price target of $69.62. The stock should run into initial resistance at its 50-day moving average (MA) of $45.62 and subsequent resistance at its 200-day MA of $48.51.

SmarTrend recommended that its subscribers protect gains by selling shares of Textron Inc on October 21st, 2019 by issuing a Downtrend alert when the shares were trading at $46.39. Since that call, shares of Textron Inc have fallen 4.8%. 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 Textron Inc

Ticker(s): TXT