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Possible Bearish Inside Day Candle Pattern Detected for Ingersoll-Rand (NYSE:IR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ingersoll-Rand (NYSE:IR) based on the price action in the company's shares. Today's price range of $68.03 and $68.68 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Ingersoll-Rand may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Ingersoll-Rand share prices have moved between a 52-week high of $70.93 and a 52-week low of $47.08 and are now trading 45% above that low price at $68.35 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.6% while the 200-day MA has remained constant.

Ingersoll-Rand Company Ltd. is a diversified, global company that provides a diverse range of products and services for a wide range of industries. The Company's operations include consist of air conditioning systems and services, climate control technologies, industrial technologies and security technologies.

Ingersoll-Rand (NYSE:IR) defies analysts with a current price ($68.35) 5.1% above its average consensus price target of $64.89. The stock should discover initial support at its 50-day moving average (MA) of $61.28 and subsequent support at its 200-day MA of $56.98.

SmarTrend recommended that subscribers consider buying shares of Ingersoll-Rand on September 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $66.13. Since that recommendation, shares of Ingersoll-Rand have risen 4.0%. We continue to monitor IR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Ingersoll-Rand

Ticker(s): IR