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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 $181.93 and $183.83 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.

In the past 52 weeks, shares of Parker Hannifin have traded between a low of $140.82 and a high of $193.19 and are now at $183.83, which is 31% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

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.

Parker Hannifin has overhead space with shares priced $183.83, or 4.8% below the average consensus analyst price target of $193.00. The stock should find initial support at its 200-day moving average (MA) of $166.97 and further support at its 50-day MA of $166.86.

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 inside day candle parker hannifin

Ticker(s): PH