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Look for Shares of Parker Hannifin to Potentially Rebound after Yesterday's 1.33% Sell Off

By Nick Russo

Parker Hannifin (NYSE:PH) traded in a range yesterday that spanned from a low of $167.61 to a high of $170.05. Yesterday, the shares fell 1.3%, which took the trading range below the 3-day low of $170.88 on volume of 382,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Parker Hannifin share prices have moved between a 52-week high of $212.80 and a 52-week low of $152.47 and are now trading 11% above that low price at $168.51 per share. The 200-day and 50-day moving averages have moved 0.11% lower and 0.13% lower over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Parker Hannifin on July 19th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $163.15. Since that recommendation, shares of Parker Hannifin have risen 4.8%. We continue to monitor PH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders parker hannifin

Ticker(s): PH