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Watch for Parker Hannifin to Potentially Rebound After Falling 1.22% Yesterday

By Shiri Gupta

Parker Hannifin (NYSE:PH) traded in a range yesterday that spanned from a low of $179.40 to a high of $183.31. Yesterday, the shares fell 1.2%, which took the trading range below the 3-day low of $181.31 on volume of 263,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Parker Hannifin has traded in a range of $99.10 to $212.80 and is now at $179.60, 81% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of Parker Hannifin on January 30th, 2018 by issuing a Downtrend alert when the shares were trading at $204.11. Since that call, shares of Parker Hannifin have fallen 10.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders parker hannifin

Ticker(s): PH