• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Snap-On Inc (NYSE:SNA)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Snap-On Inc (NYSE:SNA) based on the price action in the company's shares. Yesterday's price range of $131.06 and $133.45 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 Snap-On Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Snap-On Inc share prices have moved between a 52-week high of $172.61 and a 52-week low of $90.72 and closed yesterday at 44% above that low price at $130.29 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 1.7%.

Snap-on Incorporated develops, manufactures, and distributes tool and equipment solutions worldwide. The Company's products include hand and power tools, diagnostics and shop equipment, tool storage products, diagnostics software, and other solutions for the automotive service industry. Customers include professional service technicians and motor service shop owners, among others.

There is potential upside of 38.0% for shares of Snap-On Inc based on a current price of $130.29 and an average consensus analyst price target of $179.86. Snap-On Inc shares should encounter resistance at the 200-day moving average (MA) of $150.32 and support at the 50-day MA of $123.26.

SmarTrend is tracking the current trend status for Snap-On Inc and will alert subscribers who have SNA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle snap-on inc

Ticker(s): SNA