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Possible Bullish Inside Day Candle Pattern Detected for Ingersoll-Rand (NYSE:IR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ingersoll-Rand (NYSE:IR) based on the price action in the company's shares. Yesterday's price range of $84.34 and $86.28 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. Traders and investors interested in shares of Ingersoll-Rand may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Ingersoll-Rand have traded between a low of $59.10 and a high of $97.67 and closed yesterday at $86.17, which is 46% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.6%.

Ingersoll-Rand Public Limited Company manufactures industrial equipment. The Company offers central heaters, air conditioners, electric vehicles, air cleaners, and fluid handling products. Ingersoll-Rand markets its products worldwide.

There is potential upside of 21.3% for shares of Ingersoll-Rand based on a current price of $86.17 and an average consensus analyst price target of $104.50. Ingersoll-Rand shares have support at the 50-day moving average (MA) of $61.28 and additional support at the 200-day MA of $56.98.

SmarTrend recommended that its subscribers protect gains by selling shares of Ingersoll-Rand on February 9th, 2018 by issuing a Downtrend alert when the shares were trading at $87.82. Since that call, shares of Ingersoll-Rand have fallen 4.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle Ingersoll-Rand

Ticker(s): IR