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Possible Bullish Inside Day Candle Pattern Detected for Johnson Controls (NYSE:JCI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Johnson Controls (NYSE:JCI) based on the price action in the company's shares. Yesterday's price range of $31.56 and $32.38 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 Johnson Controls may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 24.9% for shares of Johnson Controls based on a current price of $32.10 and an average consensus analyst price target of $40.08. The stock should run into initial resistance at its 200-day moving average (MA) of $36.19 and subsequent resistance at its 50-day MA of $36.38.

In the past 52 weeks, shares of Johnson Controls have traded between a low of $31.32 and a high of $42.60 and closed yesterday at $32.10, which is 2% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has slid 0.4%.

Johnson Controls International plc (JCI) provides building products and technology solutions. The Company offers air systems, building management, HVAC controls, security, and fire safety solutions. JCI serves customers worldwide.

SmarTrend recommended that its subscribers protect gains by selling shares of Johnson Controls on August 31st, 2018 by issuing a Downtrend alert when the shares were trading at $37.82. Since that call, shares of Johnson Controls have fallen 17.0%. 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 Johnson Controls

Ticker(s): JCI