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Possible Bullish Inside Day Candle Pattern Detected for Rockwell Automation (NYSE:ROK)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Rockwell Automation (NYSE:ROK) based on the price action in the company's shares. Today's price range of $108.92 and $110.35 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. Traders and investors interested in shares of Rockwell Automation may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Rockwell Automation (NYSE:ROK) is currently priced 4.0% above its average consensus analyst price target of $105.50. The stock should hit resistance at its 50-day moving average (MA) of $111.52, as well as support at its 200-day MA of $106.32.

Rockwell Automation share prices have moved between a 52-week high of $127.05 and a 52-week low of $87.53 and are now trading 26% above that low price at $109.86 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has slid 0.2%.

Rockwell Automation, Inc. is a global provider of industrial automation power, control, and information solutions. The Company's products include Low voltage and medium voltage electro-mechanical and electronic motor starters, motor and circuit protection devices, AC/DC variable frequency drives, contactors, push buttons, signaling devices, termination and protection devices, and relays.

SmarTrend is monitoring the recent change of momentum in Rockwell Automation. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Rockwell Automation in search of a potential trend change.

Keywords: bullish inside day candle Rockwell Automation

Ticker(s): ROK