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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 $45.74 and $46.11 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.

Johnson Controls has overhead space with shares priced $45.78, or 12.9% below the average consensus analyst price target of $52.53. Johnson Controls shares have support at the 200-day moving average (MA) of $40.61 and additional support at the 50-day MA of $38.90.

In the past 52 weeks, shares of Johnson Controls have traded between a low of $33.62 and a high of $54.52 and are now at $45.78, which is 36% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has slid 0.3%.

Johnson Controls, Inc. markets automotive systems and building controls. The Company supplies seating systems, interior systems, and batteries. Johnson Controls also provides building control systems and services, energy management, and integrated facility management, as well as provides batteries for automobiles and hybrid electric vehicles.

SmarTrend recommended that subscribers consider buying shares of Johnson Controls on July 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $44.32. Since that recommendation, shares of Johnson Controls have risen 4.1%. We continue to monitor JCI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Johnson Controls

Ticker(s): JCI