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Possible Bearish Inside Day Candle Pattern Detected for Allegion Plc (NYSE:ALLE)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Allegion Plc (NYSE:ALLE) based on the price action in the company's shares. Yesterday's price range of $101.24 and $102.17 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 Allegion Plc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Allegion Plc (NYSE:ALLE) is currently priced 10.0% above its average consensus analyst price target of $91.90. The stock should discover initial support at its 50-day moving average (MA) of $101.43 and subsequent support at its 200-day MA of $94.87.

Allegion plc manufactures and sells mechanical and electronic security products and solutions worldwide. The company offers door closers and controls; doors and door systems; electronic security products; electronic, biometric and mobile access control systems; exit devices; locks, locksets, portable locks, and key systems; time, attendance, and workforce productivity systems; and other accessories.

In the past 52 weeks, shares of Allegion Plc have traded between a low of $74.83 and a high of $111.99 and closed yesterday at $102.13, which is 36% above that low price. The 200-day and 50-day moving averages have moved 0.27% higher and 1.03% lower over the past week, respectively.

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

Keywords: bearish am inside day candle allegion plc

Ticker(s): ALLE