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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. Today's price range of $101.15 and $102.22 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) has potential upside of 3.9% based on a current price of $101.76 and analysts' consensus price target of $105.77. The stock should find initial resistance at its 200-day moving average (MA) of $103.90 and further resistance at its 50-day MA of $110.44.

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 22% above that low price at $101.76 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 is monitoring the recent change of momentum in Parker Hannifin. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Parker Hannifin in search of a potential trend change.

Keywords: bullish inside day candle parker hannifin

Ticker(s): PH