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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pentair Plc (NYSE:PNR) based on the price action in the company's shares. Yesterday's price range of $42.92 and $43.50 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 Pentair Plc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Pentair PLC delivers services and solutions for its customer's diverse needs in water and other fluids, thermal management, and equipment protection. The Company is organized as three operating segments, water and fluid solutions, valves and controls, and technical solutions. Pentair manufactures and distributes its products worldwide.

Potential upside of 12.7% exists for Pentair Plc, based on a current level of $43.07 and analysts' average consensus price target of $48.53. The stock should find initial resistance at its 50-day moving average (MA) of $43.88 and further resistance at its 200-day MA of $63.13.

In the past 52 weeks, Pentair Plc share prices have been bracketed by a low of $41.28 and a high of $74.84 and closed yesterday at $43.07, 4% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 0.2%.

SmarTrend is tracking the current trend status for Pentair Plc and will alert subscribers who have PNR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle pentair plc

Ticker(s): PNR