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Possible Bearish Inside Day Candle Pattern Detected for Eaton Corp Plc (NYSE:ETN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Eaton Corp Plc (NYSE:ETN) based on the price action in the company's shares. Yesterday's price range of $79.21 and $79.69 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 Eaton Corp Plc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Eaton Corp Plc share prices have been bracketed by a low of $64.46 and a high of $89.46 and closed yesterday at $79.69, 24% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has remained constant.

Potential upside of 9.3% exists for Eaton Corp Plc, based on a current level of $79.69 and analysts' average consensus price target of $87.13. The stock should find initial support at its 200-day moving average (MA) of $77.27 and further support at its 50-day MA of $71.84.

Eaton Corporation PLC manufactures engineered products for the industrial, vehicle, construction, commercial, and aerospace markets. The Company offers hydraulic products and fluid connectors, electrical power distribution and control equipment, truck drivetrain systems, engine components, and a wide variety of controls. Eaton conducts business worldwide.

SmarTrend recommended that subscribers consider buying shares of Eaton Corp Plc on January 11th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $70.00. Since that recommendation, shares of Eaton Corp Plc have risen 13.9%. We continue to monitor ETN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle eaton corp plc

Ticker(s): ETN