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

By Shiri Gupta

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 $87.01 and $87.96 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. 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.

Eaton Corp Plc (NYSE:ETN) is currently priced 0.2% above its average consensus analyst price target of $87.13. The stock should find initial support at its 50-day moving average (MA) of $79.87 and further support at its 200-day MA of $77.91.

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 $87.30, 35% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 0.2%.

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

Keywords: bearish am inside day candle eaton corp plc

Ticker(s): ETN