IR pushes through Thursday's high
Ingersoll-Rand plc (IR) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, IR ended the week 3.34% higher at 146.55 after gaining $0.93 (0.64%) today on low volume, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 146.55 marks the highest recorded closing price ever. Trading up to $0.83 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Tuesday, IR gained 0.85% on the following trading day. Closing above Thursday's high at 146.16, the stock confirmed its breakout through the previous session high after trading up to $0.44 above it intraday.
Daily Candlestick Chart (IR as at Feb 14, 2020):
Friday's trading range has been $1.53 (1.05%), that's below the last trading month's daily average range of $2.46. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for IR.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 144.47 where further sell stops might get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Ingersoll-Rand plc. Out of 43 times, IR closed higher 58.14% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.81% with an average market move of -0.22%.