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Possible Bearish Inside Day Candle Pattern Detected for Ingersoll-Rand (NYSE:IR)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ingersoll-Rand (NYSE:IR) based on the price action in the company's shares. Yesterday's price range of $25.63 and $26.35 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. Owners of Ingersoll-Rand may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Ingersoll-Rand Public Limited Company manufactures industrial equipment. The Company offers central heaters, air conditioners, electric vehicles, air cleaners, and fluid handling products. Ingersoll-Rand markets its products worldwide.

Over the past year, Ingersoll-Rand has traded in a range of $17.01 to $146.85 and closed yesterday at $26.43, 55% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 10.4% while the 200-day MA has slid 1.4%.

Potential upside of 289.5% exists for Ingersoll-Rand, based on a current level of $26.43 and analysts' average consensus price target of $102.94. The stock should run into initial resistance at its 50-day moving average (MA) of $59.72 and subsequent resistance at its 200-day MA of $109.30.

SmarTrend is tracking the current trend status for Ingersoll-Rand and will alert subscribers who have IR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle Ingersoll-Rand

Ticker(s): IR