Company: Ingersoll Rand Inc.
Ticker: IR
Exchange: NYSE
Sector: Industrials
Introduction:
In today's technical analysis, we turn our attention to Ingersoll Rand Inc. (IR), a key player in the Industrials sector, listed on the NYSE. The weekly chart is demonstrating a potential Cup and Handle formation, a well-known bullish reversal and continuation pattern. This pattern has developed over a period of 553 days, suggesting a possible breakout on the horizon.
Cup and Handle Pattern:
This Cup and Handle pattern is a bullish continuation pattern that occurs during an uptrend and represents a period of consolidation followed by a breakout. It is characterized by a "cup" formation, followed by a smaller consolidation period called the "handle."
Analysis:
Previously, IR's chart was showing a clear uptrend, indicated by the green dashed line. Now, we are witnessing a consolidation phase that appears to take the form of a Cup and Handle pattern.
The horizontal resistance is at $60.51, and the price is comfortably above the 200 EMA, signaling a bullish environment. A breakout above this resistance level could be a potential entry point for a long position.
However, this setup also presents a unique condition, a natural breakout filter, in the form of a secondary resistance level at $62.33. A convincing breakout would ideally surpass both these resistance levels.
The potential price target, if both resistance levels are broken, is set at $81.63, signifying an upside of approximately 35% from the breakout level.
Conclusion:
IR's weekly chart reveals an interesting setup with a potential Cup and Handle pattern. This could suggest a continuation of the previous bullish trend. This setup is currently a watchlist candidate and not a direct trading recommendation.
As always, this analysis should be used as part of your comprehensive market research and risk management strategy. Please remember, this is not financial advice and investing always involves risk.
If you found this analysis helpful, please consider liking, sharing, and following for more insights. Wishing you profitable trading!
Best regards,
Karim Subhieh
Ticker: IR
Exchange: NYSE
Sector: Industrials
Introduction:
In today's technical analysis, we turn our attention to Ingersoll Rand Inc. (IR), a key player in the Industrials sector, listed on the NYSE. The weekly chart is demonstrating a potential Cup and Handle formation, a well-known bullish reversal and continuation pattern. This pattern has developed over a period of 553 days, suggesting a possible breakout on the horizon.
Cup and Handle Pattern:
This Cup and Handle pattern is a bullish continuation pattern that occurs during an uptrend and represents a period of consolidation followed by a breakout. It is characterized by a "cup" formation, followed by a smaller consolidation period called the "handle."
Analysis:
Previously, IR's chart was showing a clear uptrend, indicated by the green dashed line. Now, we are witnessing a consolidation phase that appears to take the form of a Cup and Handle pattern.
The horizontal resistance is at $60.51, and the price is comfortably above the 200 EMA, signaling a bullish environment. A breakout above this resistance level could be a potential entry point for a long position.
However, this setup also presents a unique condition, a natural breakout filter, in the form of a secondary resistance level at $62.33. A convincing breakout would ideally surpass both these resistance levels.
The potential price target, if both resistance levels are broken, is set at $81.63, signifying an upside of approximately 35% from the breakout level.
Conclusion:
IR's weekly chart reveals an interesting setup with a potential Cup and Handle pattern. This could suggest a continuation of the previous bullish trend. This setup is currently a watchlist candidate and not a direct trading recommendation.
As always, this analysis should be used as part of your comprehensive market research and risk management strategy. Please remember, this is not financial advice and investing always involves risk.
If you found this analysis helpful, please consider liking, sharing, and following for more insights. Wishing you profitable trading!
Best regards,
Karim Subhieh
KSC
