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Possible Bearish Inside Day Candle Pattern Detected for Johnson Controls (NYSE:JCI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Johnson Controls (NYSE:JCI) based on the price action in the company's shares. Today's price range of $35.25 and $35.42 is within yesterday'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 Johnson Controls may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Johnson Controls has traded in a range of $32.89 to $44.37 and is now at $35.34, 7% above that low. The 200-day and 50-day moving averages have moved 0.21% lower and 0.16% lower over the past week, respectively.

Potential upside of 13.4% exists for Johnson Controls, based on a current level of $35.34 and analysts' average consensus price target of $40.08. Johnson Controls shares should encounter resistance at the 200-day moving average (MA) of $37.08 and support at the 50-day MA of $34.84.

Johnson Controls International plc (JCI) provides building products and technology solutions. The Company offers air systems, building management, HVAC controls, security, and fire safety solutions. JCI serves customers worldwide.

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

Keywords: bearish inside day candle Johnson Controls

Ticker(s): JCI