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

By Amy Schwartz

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. Yesterday's price range of $163.30 and $163.96 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 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.

In the past 52 weeks, shares of Snap-On Inc have traded between a low of $143.12 and a high of $174.00 and closed yesterday at $163.74, which is 14% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

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.

Potential upside of 9.8% exists for Snap-On Inc, based on a current level of $163.74 and analysts' average consensus price target of $179.86. Snap-On Inc shares should encounter resistance at the 50-day moving average (MA) of $165.97 and support at its 200-day MA of $160.54.

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 am inside day candle snap-on inc

Ticker(s): SNA