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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 $113.72 and $114.07 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 $79.63 and a high of $114.50 and closed yesterday at $113.98, 43% above that low price. The 200-day and 50-day moving averages have moved 0.37% higher and 0.74% higher over the past week, respectively.

Ingersoll-Rand (NYSE:IR) defies analysts with a current price ($113.98) 9.7% above its average consensus price target of $102.94. The stock should discover initial support at its 50-day moving average (MA) of $106.57 and subsequent support at its 200-day MA of $99.72.

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