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

By James Quinn

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. Today's price range of $95.06 and $95.49 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. 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.

Based on a current price of $95.06, Eaton Corp Plc is currently 8.3% above its average consensus analyst price target of $87.13. The stock should discover initial support at its 50-day moving average (MA) of $93.22 and subsequent support at its 200-day MA of $84.29.

In the past 52 weeks, shares of Eaton Corp Plc have traded between a low of $67.97 and a high of $95.95 and are now at $95.06, which is 40% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.6%.

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.

SmarTrend recommended that subscribers consider buying shares of Eaton Corp Plc on October 11th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $81.46. Since that recommendation, shares of Eaton Corp Plc have risen 17.5%. We continue to monitor ETN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle eaton corp plc

Ticker(s): ETN