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

By David Diaz

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 $186.88 and $188.61 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.

There is potential upside of 2.7% for shares of Parker Hannifin based on a current price of $187.86 and an average consensus analyst price target of $193.00. The stock should discover initial support at its 50-day moving average (MA) of $173.30 and subsequent support at its 200-day MA of $167.28.

In the past 52 weeks, Parker Hannifin share prices have been bracketed by a low of $140.82 and a high of $193.19 and closed yesterday at $187.86, 33% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.8%.

SmarTrend is monitoring the recent change of momentum in Parker Hannifin. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Parker Hannifin in search of a potential trend change.

Keywords: bearish am inside day candle parker hannifin

Ticker(s): PH