PH, Longed but I suggest trading as a wick play

NYSE:PH   Parker-Hannifin Corporation
I took a position in PH in the late morning today with a stop under the 50 ma.

I like it because there is ample evidence of insiders going on a buying spree with buying starting around June 14 ( note the initial stopping volume start to come in around then). And for the most part, volume tells us accumulation has kept up pretty consistently from June 14th to date. So this definitely has the holders and smart money behind it . I think that will help to sustain the move but we did close with some weakness today , displayed by upper wick of todays candle.

I was long prior to this upside wick developing, but based on the new evidence, I think that this would be best entered as a wick play . If we are able to open in the upper wick of todays candle tomorrow that is ... then we will have an early sign to support likelihood of support for moves up higher . In any case , at this point the 50 ma is an important line in the sand for me .
Trade closed: stop reached


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