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

By David Diaz

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. Today's price range of $67.13 and $67.74 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. 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.

Ingersoll-Rand Company Ltd. is a diversified, global company that provides a diverse range of products and services for a wide range of industries. The Company's operations include consist of air conditioning systems and services, climate control technologies, industrial technologies and security technologies.

Ingersoll-Rand (NYSE:IR) defies analysts with a current price ($67.16) 3.4% above its average consensus price target of $64.89. The stock should discover initial support at its 50-day moving average (MA) of $61.28 and subsequent support at its 200-day MA of $56.98.

Ingersoll-Rand share prices have moved between a 52-week high of $70.93 and a 52-week low of $47.08 and are now trading 43% above that low price at $67.16 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.6%.

SmarTrend is monitoring the recent change of momentum in Ingersoll-Rand. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Ingersoll-Rand in search of a potential trend change.

Keywords: bullish inside day candle Ingersoll-Rand

Ticker(s): IR