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Possible Bearish Inside Day Candle Pattern Detected for Rbc Bearings Inc (NASDAQ:ROLL)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Rbc Bearings Inc (NASDAQ:ROLL) based on the price action in the company's shares. Yesterday's price range of $169.84 and $174.03 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 Rbc Bearings Inc 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, Rbc Bearings Inc has traded in a range of $123.50 to $174.93 and closed yesterday at $170.28, 38% above that low. The 200-day and 50-day moving averages have moved 0.42% higher and 0.14% higher over the past week, respectively.

Based on a current price of $170.28, Rbc Bearings Inc is currently 16.0% above its average consensus analyst price target of $143.00. The stock should find initial support at its 50-day moving average (MA) of $162.25 and further support at its 200-day MA of $152.27.

RBC Bearings Incorporated designs, manufactures, and markets bearing products. The Company offers precision plain, roller, cam followers, couplings, collars, locking, tool holders, shafts, pins, rods, tubes, and ball bearings. RBC Bearings serves industrial, aerospace, and defense markets worldwide.

SmarTrend recommended that subscribers consider buying shares of Rbc Bearings Inc on November 26th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $164.78. Since that recommendation, shares of Rbc Bearings Inc have risen 3.3%. We continue to monitor ROLL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle rbc bearings inc

Ticker(s): ROLL