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Possible Bearish Inside Day Candle Pattern Detected for Eaton Corp Plc (NYSE:ETN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Eaton Corp Plc (NYSE:ETN) based on the price action in the company's shares. Yesterday's price range of $80.40 and $81.27 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 Eaton Corp Plc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Eaton Corp Plc (NYSE:ETN) has potential upside of 7.8% based on a current price of $80.86 and analysts' consensus price target of $87.13. Eaton Corp Plc shares have support at the 50-day moving average (MA) of $80.62 and additional support at the 200-day MA of $79.31.

Eaton Corporation PLC manufactures engineered products for the industrial, vehicle, construction, commercial, and aerospace markets. The Company offers hydraulic products and fluid connectors, electrical power distribution and control equipment, truck drivetrain systems, engine components, and a wide variety of controls. Eaton conducts business worldwide.

Eaton Corp Plc share prices have moved between a 52-week high of $89.07 and a 52-week low of $64.46 and closed yesterday at 25% above that low price at $80.86 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.2%.

SmarTrend is monitoring the recent change of momentum in Eaton Corp Plc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Eaton Corp Plc in search of a potential trend change.

Keywords: bearish am inside day candle eaton corp plc

Ticker(s): ETN