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Possible Bearish Inside Day Candle Pattern Detected for Allegion Plc (NYSE:ALLE)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Allegion Plc (NYSE:ALLE) based on the price action in the company's shares. Yesterday's price range of $90.56 and $96.40 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. Owners of Allegion Plc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Allegion PLC provides security products and solutions. The Company offers mechanical and electronic security products, services, and systems to keep people and places safe. Allegion serves commercial, institutional, and residential customers in the Americas, Europe, the Middle East, India, Africa, and the Asia Pacific.

In the past 52 weeks, shares of Allegion Plc have traded between a low of $77.37 and a high of $139.24 and closed yesterday at $91.62, which is 18% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 2.9%.

There is potential upside of 0.3% for shares of Allegion Plc based on a current price of $91.62 and an average consensus analyst price target of $91.90. The stock should find initial resistance at its 200-day moving average (MA) of $112.12 and further resistance at its 50-day MA of $119.75.

SmarTrend recommended that its subscribers protect gains by selling shares of Allegion Plc on February 24th, 2020 by issuing a Downtrend alert when the shares were trading at $126.45. Since that call, shares of Allegion Plc have fallen 27.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle allegion plc

Ticker(s): ALLE