• Return to Headlines

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

By Shiri Gupta

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 $126.25 and $127.85 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 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.

In the past 52 weeks, Ingersoll-Rand share prices have been bracketed by a low of $85.15 and a high of $128.70 and closed yesterday at $127.78, 50% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.4%.

Based on a current price of $127.78, Ingersoll-Rand is currently 19.4% above its average consensus analyst price target of $102.94. The stock should find initial support at its 50-day moving average (MA) of $119.91 and further support at its 200-day MA of $115.97.

SmarTrend is tracking the current trend status for Ingersoll-Rand and will alert subscribers who have IR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle Ingersoll-Rand

Ticker(s): IR