Its All Ball Bearings!

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

Eaton Corporation, $ETN, Daily

shows a series of steps higher with the latest bull flag breaking Monday and testing the previous high Tuesday. 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

Eaton Corporation, $ETN, Daily

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.

Join the Dragonfly Capital Views Premium Membership

These trade ideas are one piece of the Premium Service, which is complemented by weekly trend analysis, daily earnings plays and access for personalized analysis. Sign up here to get deeper analysis and nearly 50 trade ideas every week.

Dragonfly Capital Views Performance Through November 2012 Expiry

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

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.

blog comments powered by Disqus
Dragonfly Caps Blog