Power Management Industrial Setting up Break Higher
Eaton (ETN) shares of the power management name benefitting from the needs of data center liquid cooling demand had a strong candle close at highs on Wednesday and now seeing a bullish MACD cross as it nears a breakout above monthly value from this recent coiled range it has spent time consolidating in. ETN has a short term VPOC target at 333 and then likely up to 345 as the prior high while a stronger move to fresh highs would target the fib extension level of 355. This week ETN saw buyers of 1000 August $330/$360 calls spreads as July calls adjusted out in time to capture the earnings report likely the last week of July.