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Possible Bullish Inside Day Candle Pattern Detected for Regal-Beloit (NYSE:RBC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Regal-Beloit (NYSE:RBC) based on the price action in the company's shares. Yesterday's price range of $51.84 and $53.26 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 Regal-Beloit may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Regal-Beloit has traded in a range of $47.77 to $81.36 and closed yesterday at $53.07, 11% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has remained constant.

There is potential upside of 46.0% for shares of Regal-Beloit based on a current price of $53.07 and an average consensus analyst price target of $77.50. The stock should run into initial resistance at its 200-day moving average (MA) of $61.39 and subsequent resistance at its 50-day MA of $62.31.

Regal-Beloit Corporation manufactures a line of mechanical products that control motion and torque and electrical products such as motors and generators. The Company's products include gearboxes, automotive transmissions, rotary cutting tools, electric motors, and electric generators. Regal-Beloit sells its products to distributors, original equipment manufacturers, and end users.

SmarTrend recommended that its subscribers protect gains by selling shares of Regal-Beloit on May 4th, 2016 by issuing a Downtrend alert when the shares were trading at $64.04. Since that call, shares of Regal-Beloit have fallen 19.1%. 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 regal-beloit

Ticker(s): RBC