Technical Analysis: Ingersoll Rand Has a High Tight Pennant

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Industrials have outperformed this year as investors look for the economy to rebound. Ingersoll Rand is a member of that group with some interesting chart patterns.

First, notice how IR surged to a new all-time high last week. It’s now pulled back to hold its earlier peak around $47.50 and form tight pennant . Traders may watch the 8-day exponential moving average ( EMA ) as a potential shorter-term trend line .

Second, IR recently formed an ascending triangle , which it’s broken to the upside.

For more, please click here to view the related idea and chart analysis on TradingView.

Ingersoll Rand (IR), daily chart, with select indicators, courtesy of TradingView.
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