IR dominated by bulls lifting the market higher throughout the day

Ingersoll-Rand PLC (IR) Technical Analysis Report for Jul 13, 2018

Highlights

IR pushes through key resistance level
IR dominated by bulls lifting the market higher throughout the day
IR pushes through 20-day moving average
IR closes higher for the 2nd day in a row
IR ends the day on a bullish note closing near the high of the day

TQ Sentiment

Report Sentiment: 66% Bullish
Technical Forecast:

Overview

Moving higher for the 2nd day in a row, IR ended the week 1.31% higher at 91.05 after gaining $1.17 (1.3%) today on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 90.42, Ingersoll-Rand PLC confirms its breakout through the previous session's high having traded $0.76 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for IR

Volatility

Friday's trading range was $1.55 (1.73%), that's slightly above last trading month's daily average range of $1.46. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.

Price Action

Despite a weak opening the share managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Breaking through the key resistance level at 90.09 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 91.20.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The market managed to break above the 20-day moving average at 90.31 today for the first time since July 9th.

Order Flow

Buying could speed up should prices move above the nearby swing high at 92.37 where further buy stops might get triggered. Further buying could move prices higher should the market test June's close-by high at 93.41.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.

Market Conditions for Ingersoll-Rand PLC

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