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

By Nick Russo

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 $210.01 and $210.18 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 (NYSE:PH) is currently priced 8.0% above its average consensus analyst price target of $193.00. Parker Hannifin shares have support at the 50-day moving average (MA) of $203.81 and additional support at the 200-day MA of $181.45.

In the past 52 weeks, Parker Hannifin share prices have been bracketed by a low of $152.18 and a high of $212.05 and closed yesterday at $209.85, 38% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.4%.

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