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


Parker-Hannifin Corporation (PH) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team

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

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 Candlestick Chart (PH as at Apr 16, 2018):

Daily technical analysis candlestick chart for Parker-Hannifin Corporation (PH) as at Apr 16, 2018

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.

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.

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.


Market Conditions for PH as at Apr 16, 2018

Loading Market Conditions for PH (Parker-Hannifin Corporation)...
Latest Report:

PH finds buyers at key support level

Dec 17, 2018
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Parker-Hannifin Corporation traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!