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Possible Bearish Inside Day Candle Pattern Detected for Parker Hannifin (NYSE:PH)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Parker Hannifin (NYSE:PH) based on the price action in the company's shares. Yesterday's price range of $133.83 and $137.35 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 Parker Hannifin may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Parker Hannifin has overhead space with shares priced $141.39, or 26.7% below the average consensus analyst price target of $193.00. The stock should run into initial resistance at its 50-day moving average (MA) of $165.86 and subsequent resistance at its 200-day MA of $179.63.

Over the past year, Parker Hannifin has traded in a range of $93.00 to $215.94 and closed yesterday at $141.39, 52% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 2.2%.

Parker-Hannifin Corporation manufactures motion control products, including fluid power systems, electromechanical controls, and related components. The Company also produces fluid purification, fluid flow, process instrumentation, air conditioning, refrigeration, and electromagnetic shielding and thermal management products.

SmarTrend recommended that subscribers consider buying shares of Parker Hannifin on March 25th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $118.09. Since that recommendation, shares of Parker Hannifin have risen 12.1%. We continue to monitor PH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle parker hannifin

Ticker(s): PH