Ingersoll Rand (IR) is trading modestly higher after an EPS and revenue beat Thursday morning. Let's check out the charts of this industrial name.
In this daily bar chart of IR, below, I can see a positive trend for the past year. Prices are above the 50-day moving average line and above the rising 200-day moving average line.
The On-Balance-Volume (OBV) line shows a rise from October. The Moving Average Convergence Divergence (MACD) oscillator is turning up above the zero line.
In this weekly Japanese candlestick chart of IR, below, I see a positive looking chart picture. Prices trade above the rising 40-week moving average line. A recent weekly candle bar shows a lower shadow as traders reject the lows and the 40-week line.
The OBV line is lagging the price action but it has been improving since October. The MACD oscillator is correcting but is still above the zero line.
In this daily Point and Figure chart of IR, below, I can see an upside price target of $70. A trade at $60.42 should refresh the uptrend.
In this weekly Point and Figure chart of IR, below, I can see an upside target of $69. A weekly trade at $63 will be an important breakout.
Bottom line strategy: I like the long side of IR, risk to $52 and get more aggressive above $60.42.
