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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 $163.05 and $164.79 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.

In the past 52 weeks, Parker Hannifin share prices have been bracketed by a low of $152.47 and a high of $212.80 and closed yesterday at $163.47, 7% above that low price. The 200-day and 50-day moving averages have moved 0.2% lower and 0.57% lower over the past week, respectively.

Parker Hannifin has overhead space with shares priced $163.47, or 15.3% below the average consensus analyst price target of $193.00. The stock should find initial resistance at its 50-day moving average (MA) of $167.52 and further resistance at its 200-day MA of $180.30.

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 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