Don't Ignore This Chart

Ingersoll-Rand Surges off Support

Arthur Hill | 

Ingersoll-Rand (IR) is showing renewed signs of life with a surge off support and two mini breakouts. Note that IR is part of the industrials sector and this sector is showing upside leadership with a 52-week high recently. First and foremost, Ingersoll-Rand is in a long-term uptrend with a 52-week high in October and a positive PPO(50,200,0). Note that the PPO(50,200,0) is positive when the 50-day EMA is above the 200-day EMA. 

The stock fell quite hard from late October to mid November, but managed to find support near the August low and firmed into early December. There were two mini breakouts over the last few weeks and these indicate that the short-term trend has turned up. It looks like the long-term uptrend is continuing and I would expect new highs in the coming weeks. A close below 84 would call for a re-evaluation of this bullish assessment. 

Thanks for tuning in and have a great day!
--Arthur Hill CMT

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at He has written articles for numerous financial publications including Barrons and Stocks & Commodities magazine. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed technician. In addition to his CMT designation, Arthur holds an MBA from the Cass Business School at City University in London.
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