Is Eaton Attempting a Breakout?
Eaton has flirted with record highs, and some traders may be looking for a breakout.
The first pattern on today’s chart is the price level around $175 where ETN peaked in late 2021. The industrial stock inched above the peak in March before pulling back. In the process, it made a higher quarterly low (for the fourth straight quarter). That tightening price action could suggest investors are willing to buy at increasingly higher prices.
Second, previous dips brought the shares below their 50-day simple moving average (SMA). But this month they managed to bounce at that line – a potential sign of the intermediate-term trend improving.
Third, earnings have beaten estimates for the last several quarters.
Finally, the 8-day exponential moving average (SMA) crossed above the 21-day EMA about a month ago and has remained there since. That may indicate the shorter-term trend is bullish again.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the price level around $175 where ETN peaked in late 2021. The industrial stock inched above the peak in March before pulling back. In the process, it made a higher quarterly low (for the fourth straight quarter). That tightening price action could suggest investors are willing to buy at increasingly higher prices.
Second, previous dips brought the shares below their 50-day simple moving average (SMA). But this month they managed to bounce at that line – a potential sign of the intermediate-term trend improving.
Third, earnings have beaten estimates for the last several quarters.
Finally, the 8-day exponential moving average (SMA) crossed above the 21-day EMA about a month ago and has remained there since. That may indicate the shorter-term trend is bullish again.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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