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Possible Bearish Inside Day Candle Pattern Detected for United Tech Corp (NYSE:UTX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in United Tech Corp (NYSE:UTX) based on the price action in the company's shares. Today's price range of $134.47 and $134.47 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 United Tech Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 8.2% for shares of United Tech Corp based on a current price of $134.47 and an average consensus analyst price target of $145.44. United Tech Corp shares have support at the 50-day moving average (MA) of $126.81 and additional support at the 200-day MA of $126.65.

Over the past year, United Tech Corp has traded in a range of $100.48 to $144.15 and is now at $134.47, 34% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.3%.

United Technologies Corporation provides technology products and support services. The Company products include aircraft engines, elevators and escalators, heating and air conditioning equipment, helicopters, aerospace systems, fuel cell systems, and fire safety equipment.

SmarTrend recommended that subscribers consider buying shares of United Tech Corp on January 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $113.80. Since that recommendation, shares of United Tech Corp have risen 18.9%. We continue to monitor UTX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle united tech corp

Ticker(s): UTX