Ingersoll-Rand PLC (IR) was a notable winner in Thursday trading session, jumped 3.02% to 70.18 – a fresh high. This is bullish from a technical perspective. In fact, a closer look at the daily chart of IR suggested that the stock could climb above the closely watch 80 mark in the coming days. Just so that you know, initially profiled in our March 27, 2015 “Swing Trader Bulletin” IR had gained about 5% and remained well position.
The graphic below is from our “U.S. Market ETF Trading Map”, show the near-term technical bias and trading ranges for IR. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red. The yellow bars identify period of neutral or sideways trading pattern. Additionally, the light-blue shading represents the short-term trading range. A move above or below that range is considered overbought (as represents by the red shading) or oversold (as represents by the dark-green shading). Readings above or below the red and green shaded areas are considered extremely overbought or extremely oversold.
Chart 1.1 – Ingersoll-Rand PLC (daily)
As indicated in the above chart, our “U.S. Market ETF Trading Map” rates IR as a Buy. The first dominant feature on the chart is the rising trend starting October 2014. The second dominant feature of the chart is the sideways consolidation between 69.40 and 65.50 since February 2015, which represents the digestion period. Money Flow measure held firmly above the zero throughout the consolidation period, suggesting traders are holding the stocks. This is bullish and should continue to provide foundation for further advance…Click here to read more.
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