It's All Ball Bearings!
Dragonfly Capital | Nov 21, 2012 01:38AM ET
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
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
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 Original post
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