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Possible Bearish Inside Day Candle Pattern Detected for Snap-On Inc (NYSE:SNA)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Snap-On Inc (NYSE:SNA) based on the price action in the company's shares. Today's price range of $156.12 and $156.12 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 Snap-On Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Snap-on Incorporated develops, manufactures, and distributes tool and equipment solutions worldwide. The Company's products include hand and power tools, diagnostics and shop equipment, tool storage products, diagnostics software, and other solutions for the automotive service industry. Customers include professional service technicians and motor service shop owners, among others.

Snap-On Inc (NYSE:SNA) has potential upside of 15.2% based on a current price of $156.12 and analysts' consensus price target of $179.86. The stock should run into initial resistance at its 50-day moving average (MA) of $158.06 and subsequent resistance at its 200-day MA of $163.47.

Over the past year, Snap-On Inc has traded in a range of $135.29 to $189.46 and is now at $156.12, 15% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

SmarTrend is tracking the current trend status for Snap-On Inc and will alert subscribers who have SNA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle snap-on inc

Ticker(s): SNA