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Possible Bearish Inside Day Candle Pattern Detected for Stanley Black & (NYSE:SWK)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Stanley Black & (NYSE:SWK) based on the price action in the company's shares. Yesterday's price range of $138.34 and $139.39 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 Stanley Black & may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Stanley Black & Decker Inc. is a diversified global provider of hand tools, power tools and related accessories, mechanical access and electronic security solutions, healthcare solutions, engineered fastening systems, and more.

Stanley Black & (NYSE:SWK) has potential upside of 32.0% based on a current price of $139.30 and analysts' consensus price target of $183.81. The stock should discover initial support at its 200-day moving average (MA) of $132.79 and subsequent support at its 50-day MA of $131.31.

Over the past year, Stanley Black & has traded in a range of $106.41 to $158.47 and closed yesterday at $139.30, 31% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

SmarTrend is tracking the current trend status for Stanley Black & and will alert subscribers who have SWK in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle stanley black &

Ticker(s): SWK