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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. Yesterday's price range of $122.29 and $123.09 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.

Ingersoll-Rand (NYSE:IR) defies analysts with a current price ($122.29) 15.8% above its average consensus price target of $102.94. The stock should find initial support at its 50-day moving average (MA) of $114.24 and further support at its 200-day MA of $103.19.

In the past 52 weeks, Ingersoll-Rand share prices have been bracketed by a low of $85.15 and a high of $125.26 and closed yesterday at $122.29, 44% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.9%.

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