• Return to Headlines

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

By Nick Russo

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 $64.97 and $65.53 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.

In the past 52 weeks, Ingersoll-Rand share prices have been bracketed by a low of $47.08 and a high of $70.93 and are now at $65.20, 38% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.3%.

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) is currently priced 0.5% above its average consensus analyst price target of $64.89. The stock should find initial support at its 50-day moving average (MA) of $61.10 and further support at its 200-day MA of $56.99.

SmarTrend recommended that subscribers consider buying shares of Ingersoll-Rand on February 23rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $54.10. Since that recommendation, shares of Ingersoll-Rand have risen 19.9%. We continue to monitor IR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Ingersoll-Rand

Ticker(s): IR