IR rises to highest close since April 5th
Ingersoll-Rand plc (IR) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (IR as at Apr 16, 2018):
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.
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.
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.
IR shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
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.