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

By James Quinn

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. Yesterday's price range of $61.17 and $61.63 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 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, 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.

Pentair (NYSE:PNR) is currently priced 3.3% above its average consensus analyst price target of $59.50. The stock should discover initial support at its 50-day moving average (MA) of $53.41 and subsequent support at its 200-day MA of $53.19.

Over the past year, Pentair has traded in a range of $41.57 to $69.65 and closed yesterday at $61.51, 48% above that low. The 200-day and 50-day moving averages have moved 0.22% lower and 1.44% higher over the past week, respectively.

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 am inside day candle pentair

Ticker(s): PNR