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Possible Bearish Inside Day Candle Pattern Detected for Stanley Black & (NYSE:SWK)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Stanley Black & (NYSE:SWK) based on the price action in the company's shares. Yesterday's price range of $170.92 and $171.55 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 Stanley Black & may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Stanley Black & (NYSE:SWK) has potential upside of 7.7% based on a current price of $170.73 and analysts' consensus price target of $183.81. The stock should discover initial support at its 50-day moving average (MA) of $161.91 and subsequent support at its 200-day MA of $147.23.

Over the past year, Stanley Black & has traded in a range of $115.02 to $173.67 and closed yesterday at $170.73, 48% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.3%.

Stanley Black & Decker Inc. is a diversified global provider of hand tools, power tools and related accessories, mechanical access and electronic security solutions, healthcare solutions, engineered fastening systems, and more.

SmarTrend recommended that subscribers consider buying shares of Stanley Black & on December 12th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $163.35. Since that recommendation, shares of Stanley Black & have risen 5.6%. We continue to monitor SWK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle stanley black &

Ticker(s): SWK