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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 $124.99 and $126.03 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) is currently priced 17.8% above its average consensus analyst price target of $102.94. Ingersoll-Rand shares have support at the 50-day moving average (MA) of $120.10 and additional support at the 200-day MA of $105.54.

In the past 52 weeks, shares of Ingersoll-Rand have traded between a low of $85.15 and a high of $127.08 and closed yesterday at $125.16, which is 47% 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 0.8%.

SmarTrend recommended that subscribers consider buying shares of Ingersoll-Rand on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $92.72. Since that recommendation, shares of Ingersoll-Rand have risen 35.0%. 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