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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pentair Plc (NYSE:PNR) based on the price action in the company's shares. Yesterday's price range of $47.00 and $47.08 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 Pentair Plc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Pentair Plc has overhead space with shares priced $46.56, or 4.1% below the average consensus analyst price target of $48.53. The stock should discover initial support at its 50-day moving average (MA) of $44.91 and subsequent support at its 200-day MA of $39.44.

Pentair PLC delivers services and solutions for its customer's diverse needs in water and other fluids, thermal management, and equipment protection. The Company is organized as three operating segments, water and fluid solutions, valves and controls, and technical solutions. Pentair manufactures and distributes its products worldwide.

In the past 52 weeks, shares of Pentair Plc have traded between a low of $34.50 and a high of $47.43 and closed yesterday at $46.56, which is 35% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

SmarTrend recommended that subscribers consider buying shares of Pentair Plc on October 17th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $38.07. Since that recommendation, shares of Pentair Plc have risen 24.2%. We continue to monitor PNR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle pentair plc

Ticker(s): PNR