IR closes below its opening price unable to hold early session gains

Ingersoll-Rand PLC (IR) Technical Analysis Report for Sep 14, 2018

Highlights

IR closes below its opening price unable to hold early session gains
IR closes higher for the 3rd day in a row
IR rises to highest close since Inception
IR closes within previous day's range after lackluster session
IR ends the day indecisive

TQ Sentiment

Report Sentiment: 20% Bearish
Technical Forecast:

Overview

Moving higher for the 3rd day in a row, IR finished the week 3.1% higher at 103.40 after edging higher $0.14 (0.14%) today. Today's closing price of 103.40 marks the highest close since Inception. Trading $0.75 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for IR

Volatility

Friday's trading range was $0.97 (0.94%), that's below last trading month's daily average range of $1.32. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Ingersoll-Rand PLC

Condition Forecast Direction Win Rate Exit Day Events
Close near low of period TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bearish Engulfing Candle TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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