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Possible Bearish Inside Day Candle Pattern Detected for Regal Beloit Cor (NYSE:RBC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Regal Beloit Cor (NYSE:RBC) based on the price action in the company's shares. Yesterday's price range of $82.17 and $82.17 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 Regal Beloit Cor may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Regal Beloit Cor share prices have moved between a 52-week high of $86.75 and a 52-week low of $66.04 and closed yesterday at 24% above that low price at $82.15 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

Regal Beloit Corporation, together with its subsidiaries, designs, manufactures, and sells electric motors, electrical motion controls, and power generation and power transmission products worldwide. It operates through three segments: Commercial and Industrial Systems, Climate Solutions, and Power Transmission Solutions.

Potential upside of 1.9% exists for Regal Beloit Cor, based on a current level of $82.15 and analysts' average consensus price target of $83.71. The stock should find initial support at its 200-day moving average (MA) of $79.32 and further support at its 50-day MA of $79.05.

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

Keywords: bearish am inside day candle regal beloit cor

Ticker(s): RBC