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Possible Bullish Inside Day Candle Pattern Detected for Pentair (NYSE:PNR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Pentair (NYSE:PNR) based on the price action in the company's shares. Today's price range of $61.32 and $61.63 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 Pentair may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Pentair share prices have moved between a 52-week high of $69.65 and a 52-week low of $41.57 and are now trading 48% above that low price at $61.46 per share. The 200-day and 50-day moving averages have moved 0.22% lower and 1.44% higher over the past week, respectively.

Pentair (NYSE:PNR) defies analysts with a current price ($61.46) 3.2% above its average consensus price target of $59.50. The stock should find initial support at its 50-day moving average (MA) of $53.41 and further support at its 200-day MA of $53.19.

Pentair, Inc. is a diversified manufacturing company. The Company produces electrical and electronic enclosures, professional tools, and water products. Pentair manufactures and distributes its products in North America, Europe, and Asia.

SmarTrend recommended that subscribers consider buying shares of Pentair on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $46.77. Since that recommendation, shares of Pentair have risen 29.6%. We continue to monitor PNR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle pentair

Ticker(s): PNR