Possible Bullish Inside Day Candle Pattern Detected for Snap-On (NYSE:SNA)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Snap-On (NYSE:SNA) based on the price action in the company's shares. Yesterday's price range of $146.71 and $147.76 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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
Snap-On share prices have moved between a 52-week high of $174.52 and a 52-week low of $133.09 and closed yesterday at 11% above that low price at $147.38 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.
Snap-On (NYSE:SNA) has potential upside of 24.6% based on a current price of $147.38 and analysts' consensus price target of $183.67. The stock should run into initial resistance at its 50-day moving average (MA) of $156.36 and subsequent resistance at its 200-day MA of $159.87.
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 recommended that its subscribers protect gains by selling shares of Snap-On on July 27th, 2016 by issuing a Downtrend alert when the shares were trading at $156.82. Since that call, shares of Snap-On have fallen 6.5%. 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 snap-on