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Possible Bearish Inside Day Candle Pattern Detected for Rockwell Automat (NYSE:ROK)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Rockwell Automat (NYSE:ROK) based on the price action in the company's shares. Today's price range of $169.83 and $171.06 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 Rockwell Automat may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 6.5% exists for Rockwell Automat, based on a current level of $170.60 and analysts' average consensus price target of $181.71. Rockwell Automat shares should first meet resistance at the 50-day moving average (MA) of $174.20 and find additional resistance at the 200-day MA of $183.65.

Rockwell Automat share prices have moved between a 52-week high of $210.72 and a 52-week low of $155.81 and are now trading 9% above that low price at $170.60 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.

Rockwell Automation, Inc. produces industrial automation products. The Company offers products such as control systems, motor control devices, sensors, and industrial control panels. Rockwell Automation markets its products worldwide.

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

Keywords: bearish inside day candle rockwell automat

Ticker(s): ROK