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Possible Bullish Inside Day Candle Pattern Detected for Parker Hannifin (NYSE:PH)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Parker Hannifin (NYSE:PH) based on the price action in the company's shares. Today's price range of $111.68 and $112.61 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 Parker Hannifin may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Parker Hannifin Corporation manufactures motion control products, including fluid power systems, electromechanical controls, and related components. The Company also produces fluid purification, fluid flow, process instrumentation, air conditioning, refrigeration, and electromagnetic shielding and thermal management products.

In the past 52 weeks, shares of Parker Hannifin have traded between a low of $83.32 and a high of $125.33 and are now at $112.57, which is 35% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has remained constant.

Parker Hannifin (NYSE:PH) is currently priced 6.0% above its average consensus analyst price target of $105.77. The stock should find initial support at its 50-day moving average (MA) of $110.22 and further support at its 200-day MA of $103.90.

SmarTrend is tracking the current trend status for Parker Hannifin and will alert subscribers who have PH in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle parker hannifin

Ticker(s): PH