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Possible Bullish Inside Day Candle Pattern Detected for United Technologies (NYSE:UTX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in United Technologies (NYSE:UTX) based on the price action in the company's shares. Today's price range of $106.45 and $106.96 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 United Technologies may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 2.3% for shares of United Technologies based on a current price of $106.63 and an average consensus analyst price target of $109.07. The stock should find initial support at its 50-day moving average (MA) of $100.48 and further support at its 200-day MA of $95.40.

Over the past year, United Technologies has traded in a range of $83.39 to $119.66 and is now at $106.63, 28% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

United Technologies Corporation provides technology products and support services to customers in the aerospace and building industries worldwide. The Company's products include aircraft engines, elevators and escalators, heating and air conditioning equipment, helicopters, aerospace systems, fuel cell systems, and fire and safety equipment.

SmarTrend is tracking the current trend status for United Technologies and will alert subscribers who have UTX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle United Technologies

Ticker(s): UTX