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Possible Bearish Inside Day Candle Pattern Detected for Rexnord Corp (NYSE:RXN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Rexnord Corp (NYSE:RXN) based on the price action in the company's shares. Yesterday's price range of $24.21 and $24.73 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 Rexnord Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Rexnord Corp share prices have moved between a 52-week high of $32.11 and a 52-week low of $21.38 and closed yesterday at 16% above that low price at $24.76 per share. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has remained constant.

There is potential upside of 37.7% for shares of Rexnord Corp based on a current price of $24.76 and an average consensus analyst price target of $34.10. The stock should run into initial resistance at its 50-day moving average (MA) of $25.99 and subsequent resistance at its 200-day MA of $28.43.

Rexnord Corporation conducts process and motion control, as well as water management operations. The Company offers gears, seals, couplings, industrial and aerospace bearings, special components, industrial chain, conveying equipment, grade specification plumbing, water treatment, and waste water control products. Rexnord serves clients worldwide.

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

Keywords: bearish am inside day candle rexnord corp

Ticker(s): RXN