• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Parker Hannifin (NYSE:PH)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Parker Hannifin (NYSE:PH) based on the price action in the company's shares. Yesterday's price range of $178.76 and $180.83 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 Parker Hannifin may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Parker-Hannifin Corporation manufactures motion control products, including fluid power systems, electromechanical controls, and related components. The Company also produces fluid purification, fluid flow, process instrumentation, air conditioning, refrigeration, and electromagnetic shielding and thermal management products.

Parker Hannifin (NYSE:PH) has potential upside of 11.1% based on a current price of $179.83 and analysts' consensus price target of $199.84. Parker Hannifin shares have support at the 50-day moving average (MA) of $110.44 and additional support at the 200-day MA of $103.90.

Over the past year, Parker Hannifin has traded in a range of $99.10 to $212.80 and closed yesterday at $179.83, 81% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of Parker Hannifin on January 30th, 2018 by issuing a Downtrend alert when the shares were trading at $204.11. Since that call, shares of Parker Hannifin have fallen 11.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle parker hannifin

Ticker(s): PH