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

By James Quinn

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. Yesterday's price range of $134.22 and $134.68 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 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.

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.

In the past 52 weeks, United Tech Corp share prices have been bracketed by a low of $100.48 and a high of $144.15 and closed yesterday at $134.55, 34% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has remained constant.

United Tech Corp has overhead space with shares priced $134.55, or 7.5% below the average consensus analyst price target of $145.44. The stock should discover initial support at its 50-day moving average (MA) of $127.12 and subsequent support at its 200-day MA of $126.70.

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 am inside day candle united tech corp

Ticker(s): UTX