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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 $87.22 and $88.92 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 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.

Eaton Corp Plc (NYSE:ETN) defies analysts with a current price ($88.29) 1.3% above its average consensus price target of $87.13. Eaton Corp Plc shares have support at the 50-day moving average (MA) of $82.19 and additional support at the 200-day MA of $80.25.

Eaton Corp Plc share prices have moved between a 52-week high of $89.45 and a 52-week low of $64.46 and closed yesterday at 37% above that low price at $88.29 per share. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.7%.

SmarTrend is tracking the current trend status for Eaton Corp Plc and will alert subscribers who have ETN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle eaton corp plc

Ticker(s): ETN