Textron Earnings, More Rallying and Trend Reversal
Textron produced a solid 15.85% earnings surprise and the stock rallied but the bears and profit takers formed a shooting star doji. I imagine that 7% gain was just too much for one day, so we'll have to settle for 4% and watch to see if a trend sets in to hammer back out the remaining 3% from today's high. They didn't seem to enjoy a Q1 2019 rally like most of the rest of the market, so I've been watching them to see the signs of a trend reversal and their turn to run. Textron owns many aerospace brands, including Cessna, Beechcraft, Bell Helicopter, and others.
MACD is showing a move in the positive direction with a sharp uptick on the histogram indicating that another day or two of rallying will have it break fully positive. RSI is rising but not yet in overbought territory, and DM- just dropped below a low ADX that's characteristic of a trend reversing on the market processing new information. The fainter hearted investors may want to wait for more confirmation, but don't wait too long and let this reversal pass you by too quickly.
MACD is showing a move in the positive direction with a sharp uptick on the histogram indicating that another day or two of rallying will have it break fully positive. RSI is rising but not yet in overbought territory, and DM- just dropped below a low ADX that's characteristic of a trend reversing on the market processing new information. The fainter hearted investors may want to wait for more confirmation, but don't wait too long and let this reversal pass you by too quickly.
Trade closed: stop reached:
Let go of this one a while back. Can't get them right all the time, and I certainly didn't get this one right at all.