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Possible Bullish Inside Day Candle Pattern Detected for Snap-On Inc (NYSE:SNA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Snap-On Inc (NYSE:SNA) based on the price action in the company's shares. Yesterday's price range of $155.30 and $157.35 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 Snap-On Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Snap-On Inc have traded between a low of $135.29 and a high of $189.46 and closed yesterday at $156.55, which is 16% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

Snap-On Inc (NYSE:SNA) has potential upside of 14.9% based on a current price of $156.55 and analysts' consensus price target of $179.86. Snap-On Inc shares should first meet resistance at the 50-day moving average (MA) of $160.36 and find additional resistance at the 200-day MA of $163.67.

Snap-on Incorporated develops, manufactures, and distributes tool and equipment solutions worldwide. The Company's products include hand and power tools, diagnostics and shop equipment, tool storage products, diagnostics software, and other solutions for the automotive service industry. Customers include professional service technicians and motor service shop owners, among others.

SmarTrend is tracking the current trend status for Snap-On Inc and will alert subscribers who have SNA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle snap-on inc

Ticker(s): SNA