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Actionable news in ETN: EATON CORPORATION PLC ORDINARY SHARES,

Eaton (ETN) Stock Technicals Improve, Chart Indicates 10% Upside

NEW YORK (TheStreet) -- We last discussed Eaton Corp. (ETN - Get Report) on October 21. We said that as prices sank lower in August and September, the momentum readings made higher lows, and this told us that the rate of price declines had slowed. We noted that this is called a bullish divergence and could foreshadow higher prices ahead.

Since our last update on the ETN chart, see above, it has improved. Prices have rallied above the 50-day simple moving average (MA), and the volume of shares traded has increased confirming the advance. Chartists like to see volume expand in the direction of the trend.

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This longer-term chart, above, hasn't changed much. Prices are still below the declining 40-week MA, the On-Balance-Volume line is stabilizing on this weekly timeframe, and prices are still holding above the prior resistance around $50 from early 2012.

After the recent sharp upside gains for ETN, we could see...


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