PH closes above its opening price after recovering from early selling pressure


Parker-Hannifin (PH) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
PH closes above its opening price after recovering from early selling pressure
PH finds buyers at key support level
PH pushes through 20-day moving average
PH ends the day on a bullish note closing near the high of the day
PH pushes through previous session high
TQ Sentiment
Report Sentiment: 83% Bullish
Technical Forecast:
Overview

PH ended Monday at 174.52 gaining $2.04 (1.18%). Today's closing price of 174.52 marks the highest close since March 26th. Trading up to $1.29 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 173.88, the stock confirms its breakout through the prior session's high having traded $0.80 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 PH
Volatility

Monday's trading range was $2.09 (1.2%), that's far below last trading month's daily average range of $4.19. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Support/Resistance

After trading as low as 172.59 during the day, the market bounced off the key support level at 173.10. The failure to close below the support might increase that levels importance as support going forward.

Trend

Though PH is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. The share managed to break above the 20-day moving average at 172.44 today for the first time since March 21st.

Conclusion

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

Market Conditions for Parker-Hannifin
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
White Candle TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
Close above the upper Bollinger Band TQ Pro Members Only
More market conditions identified for TQ Pro members...
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