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

By David Diaz

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. Today's price range of $36.94 and $36.99 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 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.

Pentair Plc share prices have moved between a 52-week high of $46.00 and a 52-week low of $34.72 and are now trading 6% above that low price at $36.94 per share. The 200-day and 50-day moving averages have moved 0.35% lower and 1.55% lower over the past week, respectively.

Potential upside of 31.4% exists for Pentair Plc, based on a current level of $36.94 and analysts' average consensus price target of $48.53. The stock should find initial resistance at its 50-day moving average (MA) of $37.20 and further resistance at its 200-day MA of $40.45.

SmarTrend recommended that its subscribers protect gains by selling shares of Pentair Plc on April 9th, 2019 by issuing a Downtrend alert when the shares were trading at $39.75. Since that call, shares of Pentair Plc have fallen 6.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle pentair plc

Ticker(s): PNR