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

By Amy Schwartz

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. Today's price range of $121.04 and $121.89 is within yesterday'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 share prices have moved between a 52-week high of $125.33 and a 52-week low of $83.32 and are now trading 46% above that low price at $121.28 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

Parker Hannifin (NYSE:PH) is currently priced 12.8% above its average consensus analyst price target of $105.77. 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.

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.

SmarTrend recommended that subscribers consider buying shares of Parker Hannifin on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $112.74. Since that recommendation, shares of Parker Hannifin have risen 8.7%. We continue to monitor PH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle parker hannifin

Ticker(s): PH