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

By Amy Schwartz

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. Yesterday's price range of $169.95 and $174.63 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 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.

Potential upside of 22.4% exists for Parker Hannifin, based on a current level of $174.62 and analysts' average consensus price target of $213.80. The stock should discover initial support at its 50-day moving average (MA) of $110.44 and subsequent support at its 200-day MA of $103.90.

Over the past year, Parker Hannifin has traded in a range of $99.10 to $212.80 and closed yesterday at $174.62, 76% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of Parker Hannifin on January 30th, 2018 by issuing a Downtrend alert when the shares were trading at $204.11. Since that call, shares of Parker Hannifin have fallen 17.1%. 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 parker hannifin

Ticker(s): PH