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

By Shiri Gupta

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. Today's price range of $136.54 and $137.83 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 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.

In the past 52 weeks, Stanley Black & share prices have been bracketed by a low of $130.56 and a high of $176.62 and are now at $137.49, 5% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Stanley Black & has overhead space with shares priced $137.49, or 25.2% below the average consensus analyst price target of $183.81. The stock should run into initial resistance at its 50-day moving average (MA) of $139.82 and subsequent resistance at its 200-day MA of $155.19.

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 inside day candle stanley black &

Ticker(s): SWK