Parker-Hannifin Corp PH makes "motion and control technologies and systems" and they must be doing something right - their charts and indicators are very bullish.
Let's check them out.
In this daily bar chart of PH, below, I see a bullish pattern playing out. Prices made a bottom formation with a "neckline" across the highs of August and November. Prices broke out to the upside and then pulled back to below the neckline. Was this a "handle" to the pattern? (William O'Neil people can chime in here.)
PH tested the rising 50-day moving average line in mid-January and took off on the upside. The slope of the 200-day moving average has turned positive.
The daily On-Balance-Volume (OBV) line shows strength from the middle of December telling me that buyers of PH are being more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In this weekly Japanese candlestick chart of PH, below, I can see that prices have broken out over the highs of late 2021 and early 2022. The 2022 decline or bear was relatively shallow or tame. PH is now at a new high and trades above the rising 40-week moving average line.
The weekly OBV line has improved since June and has further to go on the upside. The MACD oscillator turned bullish in November.
In this daily Point and Figure chart of PH, below, I can see an upside price target in the $383 area. Not bad.
In this second Point and Figure chart of PH, below, I used weekly price data. Here the X's and O's suggest a longer-term target of $446 price objective. We'll see.
Bottom line strategy: Traders and investors could go long PH on a correction into the $340-$330 area. Risk to $310. $383 is our first upside price target.
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