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

By Nick Russo

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 $107.62 and $109.87 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 & 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.

There is potential upside of 60.7% for shares of Stanley Black & based on a current price of $114.38 and an average consensus analyst price target of $183.81. Stanley Black & shares should first meet resistance at the 50-day moving average (MA) of $129.41 and find additional resistance at the 200-day MA of $145.02.

Stanley Black & share prices have moved between a 52-week high of $173.67 and a 52-week low of $70.00 and closed yesterday at 63% above that low price at $114.38 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.5% while the 200-day MA has slid 0.4%.

SmarTrend recommended that subscribers consider buying shares of Stanley Black & on March 25th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $95.69. Since that recommendation, shares of Stanley Black & have risen 12.2%. 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