• Return to Headlines

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

By Nick Russo

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. Yesterday's price range of $95.08 and $96.47 is within the prior day'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 (NYSE:IR) has potential upside of 4.1% based on a current price of $95.24 and analysts' consensus price target of $99.14. The stock should find initial support at its 50-day moving average (MA) of $61.28 and further support at its 200-day MA of $56.98.

Over the past year, Ingersoll-Rand has traded in a range of $59.10 to $97.67 and closed yesterday at $95.24, 61% above that low. 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 Public Limited Company manufactures industrial equipment. The Company offers central heaters, air conditioners, electric vehicles, air cleaners, and fluid handling products. Ingersoll-Rand markets its products worldwide.

SmarTrend recommended that subscribers consider buying shares of Ingersoll-Rand on December 8th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $88.06. Since that recommendation, shares of Ingersoll-Rand have risen 8.2%. We continue to monitor IR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Ingersoll-Rand

Ticker(s): IR