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Possible Bearish Inside Day Candle Pattern Detected for Pentair (NYSE:PNR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pentair (NYSE:PNR) based on the price action in the company's shares. Today's price range of $62.31 and $62.74 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 Pentair may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Pentair has traded in a range of $41.57 to $69.65 and is now at $62.60, 51% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.4%.

Pentair (NYSE:PNR) has potential upside of 0.1% based on a current price of $62.60 and analysts' consensus price target of $62.64. The stock should discover initial support at its 50-day moving average (MA) of $53.41 and subsequent support at its 200-day MA of $53.19.

Pentair, Inc. is a diversified manufacturing company. The Company produces electrical and electronic enclosures, professional tools, and water products. Pentair manufactures and distributes its products in North America, Europe, and Asia.

SmarTrend recommended that subscribers consider buying shares of Pentair on January 24th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $59.54. Since that recommendation, shares of Pentair have risen 5.4%. We continue to monitor PNR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle pentair

Ticker(s): PNR