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

By David Diaz

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 $62.19 and $63.05 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.

In the past 52 weeks, Pentair share prices have been bracketed by a low of $41.57 and a high of $69.65 and closed yesterday at $62.23, 50% above that low price. The 200-day and 50-day moving averages have moved 0.22% lower and 1.44% higher over the past week, respectively.

Based on a current price of $62.23, Pentair is currently 4.4% above its average consensus analyst 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.

SmarTrend is monitoring the recent change of momentum in Pentair. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Pentair in search of a potential trend change.

Keywords: bullish am inside day candle pentair

Ticker(s): PNR