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Look for Shares of Eaton to Potentially Pullback after Yesterday's 1.11% Rise

By James Quinn

Eaton (NYSE:ETN) traded in a range yesterday that spanned from a low of $77.24 to a high of $78.42. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $77.05 on volume of 726,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Eaton has traded in a range of $46.19 to $79.31 and is now at $77.77, 68% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

SmarTrend recommended that subscribers consider buying shares of Eaton on November 9th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $64.75. Since that recommendation, shares of Eaton have risen 18.6%. We continue to monitor ETN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders Eaton

Ticker(s): ETN