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Possible Bearish Inside Day Candle Pattern Detected for Toro Co (NYSE:TTC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Toro Co (NYSE:TTC) based on the price action in the company's shares. Yesterday's price range of $68.03 and $68.03 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 Toro Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Toro Co (NYSE:TTC) is currently priced 6.1% above its average consensus analyst price target of $64.00. The stock should find initial support at its 50-day moving average (MA) of $63.13 and further support at its 200-day MA of $60.43.

The Toro Company designs, manufactures, and markets a range of turf equipment. The Company's products include professional turf maintenance equipment, turf and agricultural irrigation systems, landscaping equipment, and residential yard products. Toro's products are sold worldwide.

Toro Co share prices have moved between a 52-week high of $69.41 and a 52-week low of $52.97 and closed yesterday at 29% above that low price at $68.13 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has risen 0.2%.

SmarTrend recommended that subscribers consider buying shares of Toro Co on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $57.92. Since that recommendation, shares of Toro Co have risen 18.0%. We continue to monitor TTC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle toro co

Ticker(s): TTC