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.