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Possible Bullish Inside Day Candle Pattern Detected for The Stanley Works (NYSE:SWK)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in The Stanley Works (NYSE:SWK) based on the price action in the company's shares. Yesterday's price range of $104.95 and $106.28 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 The Stanley Works may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

The Stanley Works is a diversified worldwide supplier of tools and engineered solutions for professional, industrial and construction and do-it-yourself use. The Company's products include mechanical and electronic security products and systems, professional industrial and automotive mechanics tools, hand tools, consumer mechanics tools, storage systems, pneumatic tools, and fasteners.

The Stanley Works has overhead space with shares priced $106.22, or 8.9% below the average consensus analyst price target of $116.58. The Stanley Works shares have support at the 50-day moving average (MA) of $104.69 and additional support at the 200-day MA of $102.43.

In the past 52 weeks, shares of The Stanley Works have traded between a low of $88.72 and a high of $115.15 and closed yesterday at $106.22, which is 20% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.4%.

SmarTrend recommended that subscribers consider buying shares of The Stanley Works on March 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $95.84. Since that recommendation, shares of The Stanley Works have risen 8.8%. We continue to monitor SWK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle the stanley works

Ticker(s): SWK