IR rises to highest close since April 5th


Ingersoll-Rand PLC (IR) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
IR closes above its opening price after recovering from early selling pressure
IR fails to close above 20-day moving average
IR runs into sellers again around 85.22
IR rises to highest close since April 5th
IR still stuck within tight trading range
TQ Sentiment
Report Sentiment: 27% Bearish
Technical Forecast:
Overview

IR ended Monday at 84.99 gaining $0.86 (1.02%) on low volume. Today's closing price of 84.99 marks the highest close since April 5th. Trading up to $0.65 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior 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

Monday's trading range was $0.91 (1.07%), that's far below last trading month's daily average range of $1.87. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 83.20 and 85.30 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 85.33. After having been unable to move above 85.30 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 85.22. After spiking up to 85.22 during the day, the share found resistance at the 20-day moving average at 85.15.

Trend

IR shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 85.30 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 83.70 where further sell stops might get triggered. With prices trading close to this year's low at 81.93, downside momentum could accelerate should the stock break out to new lows for the year. As prices are trading close to April's high at 86.50, upside momentum might speed up should the market mark new highs for the month.

Conclusion

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

Market Conditions for Ingersoll-Rand PLC
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
White Candle TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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