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

By James Quinn

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 $88.96 and $90.20 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.

Potential upside of 16.8% exists for Ingersoll-Rand, based on a current level of $89.48 and analysts' average consensus price target of $104.50. 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.

In the past 52 weeks, Ingersoll-Rand share prices have been bracketed by a low of $59.10 and a high of $97.67 and closed yesterday at $89.48, 51% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.6% while the 200-day MA has remained constant.

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