Eaton (ETN) is still moving higher in line with our last update where we recommended that "traders and investors could approach the long side of ETN at current levels risking a close below $70. We look for further gains to the mid-$80s for ETN in the second quarter."
If you went long on April 10, you are holding your own. Sell-stop protection could be raised to a close below $71. Let's review the latest charts to see if everything is still in gear on the upside.
In this daily chart of ETN, above, we can see prices remain above the rising 50-day moving average and above the rising 200-day average line. The On-Balance-Volume (OBV) line is still pointed up and bullish. The only small change is the MACD oscillator signaling a take-profits sell.
In this weekly chart we can see prices above the rising 40-week moving average line. The OBV line and the MACD oscillator are both bullish on this timeframe.
This Point and Figure chart of ETN is still bullish and has not made a retracement deep enough for a down column (O's). The upside price target is still $86.
Bottom line: Without any warning signs, we remain bullish on ETN.
