• Return to Headlines

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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish 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 $159.69 and $161.16 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. Traders and investors interested in shares of Snap-On Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Snap-On Inc share prices have been bracketed by a low of $143.12 and a high of $174.00 and closed yesterday at $161.82, 13% above that low price. The 200-day and 50-day moving averages have moved 0.04% higher and 0.03% lower over the past week, respectively.

Snap-On Inc has overhead space with shares priced $161.82, or 10.0% below the average consensus analyst price target of $179.86. The stock should hit resistance at its 50-day moving average (MA) of $165.78, as well as support at its 200-day MA of $160.60.

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.

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: bullish am inside day candle snap-on inc

Ticker(s): SNA