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

By Shiri Gupta

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 $176.87 and $179.31 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.

There is potential upside of 8.1% for shares of Parker Hannifin based on a current price of $178.46 and an average consensus analyst price target of $193.00. The stock should discover initial support at its 50-day moving average (MA) of $170.63 and subsequent support at its 200-day MA of $169.46.

Over the past year, Parker Hannifin has traded in a range of $140.82 to $190.97 and closed yesterday at $178.46, 27% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.3%.

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 is tracking the current trend status for Parker Hannifin and will alert subscribers who have PH in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle parker hannifin

Ticker(s): PH