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Possible Bullish Inside Day Candle Pattern Detected for Timken (NYSE:TKR)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Timken (NYSE:TKR) based on the price action in the company's shares. Yesterday's price range of $29.17 and $29.72 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 Timken 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 Timken Company manufactures and distributes anti-friction roller bearings and specialty alloy steels. The Company's products are used in general industry and in a wide variety of products, including passenger cars, machine tools, farm and construction equipment, and rolling mills, and other products.

There is potential upside of 19.2% for shares of Timken based on a current price of $29.58 and an average consensus analyst price target of $35.25. The stock should run into initial resistance at its 200-day moving average (MA) of $30.55 and subsequent resistance at its 50-day MA of $33.16.

In the past 52 weeks, Timken share prices have been bracketed by a low of $22.22 and a high of $40.89 and closed yesterday at $29.58, 33% above that low price. The 200-day and 50-day moving averages have moved 0% lower and 1.01% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Timken on May 5th, 2016 by issuing a Downtrend alert when the shares were trading at $33.63. Since that call, shares of Timken have fallen 13.9%. 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 timken

Ticker(s): TKR