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

By David Diaz

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. Yesterday's price range of $179.98 and $180.68 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 Rockwell Automat may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Rockwell Automat has overhead space with shares priced $180.68, or 0.6% below the average consensus analyst price target of $181.71. Rockwell Automat shares have support at the 200-day moving average (MA) of $172.04 and additional support at the 50-day MA of $169.00.

Over the past year, Rockwell Automat has traded in a range of $141.46 to $198.23 and closed yesterday at $180.68, 28% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has remained constant.

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 recommended that subscribers consider buying shares of Rockwell Automat on January 9th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $154.54. Since that recommendation, shares of Rockwell Automat have risen 17.4%. We continue to monitor ROK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle rockwell automat

Ticker(s): ROK