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Possible Bearish Inside Day Candle Pattern Detected for Tyco International (NYSE:TYC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tyco International (NYSE:TYC) based on the price action in the company's shares. Today's price range of $38.88 and $39.16 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 International may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $39.06, Tyco International is currently 0.2% above its average consensus analyst price target of $39.00. The stock should find initial support at its 50-day moving average (MA) of $35.86 and further support at its 200-day MA of $35.29.

Tyco International Ltd. provides security products and services, fire protection and detection products and services, valves and controls, and other industrial products.

Over the past year, Tyco International has traded in a range of $28.94 to $41.14 and is now at $39.06, 35% above that low. The 200-day and 50-day moving averages have moved 0.05% lower and 0.86% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Tyco International on January 25th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $33.23. Since that recommendation, shares of Tyco International have risen 17.9%. We continue to monitor TYC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Tyco International

Ticker(s): TYC