Manufacturer Eaton Corp (ETN) has been steadily climbing up the rankings in the SIA S&P 500 Index Report since last April. It returned to the Green Favored Zone in July and since then, the shares are up 17.5%. Eaton moved up 4 spots yesterday to 55th place and it is up 36 positions in the last month.
Since bottoming out near $125.00 last summer, Eaton Corp. (ETN) has been under renewed accumulation, establishing an uptrend of higher lows which has accelerated in recent months, and advancing in a step pattern of rallies followed by periods of consolidation at higher levels. In October, ETN broke out of a downtrend, and the shares completed a bullish Golden Cross in November.
Recently, the shares have broken out once again, first clearing $167.50 resistance then overcoming their previous $170.00 peak to climb to new all-time highs. The $170.00 breakout point has reversed polarity to become initial support. Measured moves suggest potential upside resistance tests on trend near $185.00, $202.50, near the $200.00 round number, and $215.00.
After spending the first half of 2022 under distribution the summer base building, Eaton Corp. (ETN) has been under accumulation since October. Over the last five months, the shares have staged a Bullish Catapult, staging two bullish Double Top breakout with only a small correction in-between them, along with completing bullish Spread Double Top and Spread Triple Top patterns. This month, the shares have soared to new all-time highs, confirming continued accumulation.
Horizontal and vertical counts suggest potential resistance may appear near $193.45, $205.25, and $217.85 on trend with initial support possible near $161.85 based on a 3-box reversal.
With a perfect SMAX score of 10, ETN is exhibiting strength across the asset classes.
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