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Possible Bullish Inside Day Candle Pattern Detected for United Tech Corp (NYSE:UTX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in United Tech Corp (NYSE:UTX) based on the price action in the company's shares. Yesterday's price range of $139.54 and $142.04 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 United Tech Corp 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, shares of United Tech Corp have traded between a low of $121.48 and a high of $158.44 and closed yesterday at $138.50, which is 14% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.

United Technologies Corporation provides technology products and support services. The Company products include aircraft engines, elevators and escalators, heating and air conditioning equipment, helicopters, aerospace systems, fuel cell systems, and fire safety equipment.

Potential upside of 5.0% exists for United Tech Corp, based on a current level of $138.50 and analysts' average consensus price target of $145.44. The stock should find initial resistance at its 200-day moving average (MA) of $139.30 and further resistance at its 50-day MA of $151.55.

SmarTrend is tracking the current trend status for United Tech Corp and will alert subscribers who have UTX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle united tech corp

Ticker(s): UTX