September 5 Chart of the Day - Ingersoll Rand
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Ingersoll Rand (IR) is a global market leader with a broad range of innovative and mission-critical air, fluid, energy and medical technologies, providing services and solutions to increase industrial productivity and efficiency.
Since bottoming in April 2020 at $17.01 price has been making a series of higher highs and higher lows. By definition, a clear uptrend.
Recently creating new all time highs (ATH) at $70.65 the stock is trading at $68.57 today so perhaps taking a breather?
Maybe, but where could price be heading we wondered...
Using price action technical analysis tools across the monthly and weekly charts we can determine potential upside targets using Fibonacci and Trend and potential pull back levels using Fibonacci as well as Support Resistance / Trend.
A possible line in the sand decision area to the downside could be in the $62 - $63 area while upside next targets up for the bulls are in the $73 - $77 zone or potentially even higher...
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
Take a look at the charts and let us know what you think.
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