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

By Nick Russo

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 $110.34 and $111.82 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 (NYSE:PH) defies analysts with a current price ($111.78) 5.4% above its average consensus price target of $105.77. Parker Hannifin shares have support at the 50-day moving average (MA) of $110.44 and additional support at the 200-day MA of $103.90.

Parker Hannifin share prices have moved between a 52-week high of $125.33 and a 52-week low of $83.32 and are now trading 34% above that low price at $111.78 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has remained constant.

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.

SmarTrend recommended that subscribers consider buying shares of Parker Hannifin on January 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $91.44. Since that recommendation, shares of Parker Hannifin have risen 20.0%. We continue to monitor PH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle parker hannifin

Ticker(s): PH