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Possible Bearish Inside Day Candle Pattern Detected for Tyco Electronics (NYSE:TEL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tyco Electronics (NYSE:TEL) based on the price action in the company's shares. Today's price range of $62.23 and $62.81 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 Tyco Electronics may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Tyco Electronics Ltd. provides engineered electronic components, network solutions, undersea telecommunication systems, and wireless systems. The Company designs, manufactures, and markets products for customers in industries ranging from automotive, appliance, and aerospace and defense to telecommunications, computers, and consumer electronics.

Tyco Electronics (NYSE:TEL) has potential upside of 16.8% based on a current price of $62.39 and analysts' consensus price target of $72.90. The stock should discover initial support at its 200-day moving average (MA) of $61.08 and subsequent support at its 50-day MA of $60.68.

In the past 52 weeks, Tyco Electronics share prices have been bracketed by a low of $51.70 and a high of $71.04 and are now at $62.39, 21% above that low price. The 200-day and 50-day moving averages have moved 0.09% lower and 0.27% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Tyco Electronics on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $58.92. Since that recommendation, shares of Tyco Electronics have risen 6.7%. We continue to monitor TEL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle tyco electronics

Ticker(s): TEL