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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. Yesterday's price range of $59.34 and $60.31 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.

Ingersoll-Rand (NYSE:IR) has potential upside of 7.6% based on a current price of $60.31 and analysts' consensus price target of $64.89. Ingersoll-Rand shares should encounter resistance at the 50-day moving average (MA) of $61.28 and support at its 200-day MA of $56.98.

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.

Over the past year, Ingersoll-Rand has traded in a range of $47.08 to $70.93 and closed yesterday at $60.31, 28% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.6%.

SmarTrend recommended that its subscribers protect gains by selling shares of Ingersoll-Rand on June 14th, 2016 by issuing a Downtrend alert when the shares were trading at $63.35. Since that call, shares of Ingersoll-Rand have fallen 6.6%. 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