Looking at the latest charts, indicators and moving averages on Ingersoll-Rand (IR) , I like the odds that another leg higher could be in motion.
In this daily chart of IR, below, we can see the unfolding uptrend from the January/February lows. IR makes a dip in late June that stops short of the rising 200-day average line and then another dip in September. The September dip makes a higher low. Now look at the peaks in May/June and then the higher peaks in July and August. The recent strength in IR puts it in position to make new highs and break above the 2015 highs, too.
The On-Balance-Volume (OBV) line has moved higher the entire year confirming the rally and telling us that buyers of IR have been more aggressive the whole time. The Moving Average Convergence Divergence (MACD) oscillator just turned back above the zero line for a new outright long signal.
While some chart reader out there may call this weekly chart of IR, below, a possible double-top formation, I would argue the peaks are too far apart. IR is above the rising 40-week moving average line. The weekly OBV line is positive and the MACD oscillator is above the zero line and poised for a new go long signal in the next few weeks (depending on continued price strength).
A breakout to new highs could start a leg up to the $80-$85 area in the months ahead.