Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

It's All Ball Bearings!

Published 11/21/2012, 01:38 AM
Updated 05/14/2017, 06:45 AM

Fletch said it best but Eaton Corporation (ETN) lives it daily. The stock of this Cleveland, Ohio based maker of Ball bearings (among many other things) has been knocking it out of the park since bottoming in July. But now is your opportunity to get in for the next move up. The chart below shows a series of steps higher with the latest bull flag breaking Monday and testing the previous high Tuesday.

Eaton Corporation (ETN) Daily
ETN
It has support for more upside from a Relative Strength Index (RSI) that is bullish and rising and a Moving Average Convergence Divergence indicator (MACD) that has just crossed to positive. A move over 51 triggers a Measured move higher to 54. And the weekly view shows the significance of the 51 level as well, with a break over the top of an Ascending triangle carrying a target of 69, just above the 3-box reversal Point and Figure chart price objective.

Eaton Corporation (ETN) Daily
ETN 2
Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

Original post

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.