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

By Shiri Gupta

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 $49.92 and $49.96 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.

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 $49.48, 17% above that low price. The 200-day and 50-day moving averages have moved 0.12% lower and 0.40% higher over the past week, respectively.

Textron Inc has overhead space with shares priced $49.48, or 28.9% below the average consensus analyst price target of $69.62. The stock should discover initial support at its 200-day moving average (MA) of $47.93 and subsequent support at its 50-day MA of $45.77.

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.

SmarTrend recommended that subscribers consider buying shares of Textron Inc on January 29th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $46.97. Since that recommendation, shares of Textron Inc have risen 5.4%. We continue to monitor TXT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle Textron Inc

Ticker(s): TXT