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Possible Bullish Inside Day Candle Pattern Detected for Eaton Corp Plc (NYSE:ETN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Eaton Corp Plc (NYSE:ETN) based on the price action in the company's shares. Yesterday's price range of $77.27 and $77.49 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. Traders and investors interested in shares of Eaton Corp Plc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Eaton Corp Plc (NYSE:ETN) has potential upside of 12.7% based on a current price of $77.32 and analysts' consensus price target of $87.13. The stock should find initial resistance at its 200-day moving average (MA) of $78.35 and further resistance at its 50-day MA of $81.66.

Eaton Corporation PLC manufactures engineered products for the industrial, vehicle, construction, commercial, and aerospace markets. The Company offers hydraulic products and fluid connectors, electrical power distribution and control equipment, truck drivetrain systems, engine components, and a wide variety of controls. Eaton conducts business worldwide.

Over the past year, Eaton Corp Plc has traded in a range of $64.46 to $89.46 and closed yesterday at $77.32, 20% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Eaton Corp Plc on May 7th, 2019 by issuing a Downtrend alert when the shares were trading at $80.83. Since that call, shares of Eaton Corp Plc have fallen 4.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle eaton corp plc

Ticker(s): ETN