Eaton Corporation PLC Stock Forecast

Red day on Thursday for Eaton Corporation PLC
(Updated on Apr 18, 2024)

ETN Signals & Forecast

The Eaton Corporation PLC stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $314.27. On a fall, the stock will find some support from the long-term average at approximately $308.23. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -6.53%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. The stock had a Golden Star Signal on Tuesday, April 25, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Eaton Corporation PLC stock

Eaton Corporation PLC finds support from accumulated volume at $293.70 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $7.25 between high and low, or 2.35%. For the last week the stock has had daily average volatility of 2.53%.

Our recommended stop-loss: $291.90 (-5.52%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 9 days ago.)

Trading Expectations (ETN) For The Upcoming Trading Day Of Friday 19th

For the upcoming trading day on Friday, 19th we expect Eaton Corporation PLC to open at $311.04, and during the day (based on 14 day Average True Range), to move between $301.83 and $316.05, which gives a possible trading interval of +/-$7.11 (+/-2.30%) up or down from last closing price. If Eaton Corporation PLC takes out the full calculated possible swing range there will be an estimated 4.60% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $313.87 (1.60%) than the support at $293.70 (4.93%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Eaton Corporation PLC stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Eaton Corporation PLC stock to perform well in the short-term.

Current score: 2.909 Buy Candidate Unchanged

Predicted Opening Price for Eaton Corporation PLC of Friday, April 19, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.