PH is breaking a wedge pattern to the upside.
This play looks promising to continue to move higher.
The only risk is earnings coming up and its a lighter volume name....
Watching for continuation move to go long after earnings.
The PEAD projected a bullish outlook for $PH after a Positive under reaction following its earnings release placing the stock in drift A with an expected accuracy of 88.89%.
The PEAD projected a Neutral outlook for $PH after a Negative over reaction following its earnings release placing the stock in drift C with an expected accuracy of 100%.
* Great earnings
* Very strong up trend
* High relative strength in the Industrial sector
* Broke out of a ~7 month consolidation period with very high volume (162.6% above average)
Note:
With very high volume on earnings, this very well may be a break away gap and may continue going higher from here.
Trade Idea:
* You can enter now and ride higher.
* Or...
I took a position in PH in the late morning today with a stop under the 50 ma.
I like it because there is ample evidence of insiders going on a buying spree with buying starting around June 14 ( note the initial stopping volume start to come in around then). And for the most part, volume tells us accumulation has kept up pretty consistently from June 14th to...
PH has tested the 321 area now 6 times, with each test taking out supply at the resistance level. The aerospace sector looks poised for a breakout as well. I expect this to breakout here soon to the 335 area, above 324 is all time highs.
PH - It is in impulse cycle from major low in chart in 4 hr time frame. It is correcting in 4th subwave of 5th wave up and good buy zone near 250 or little lower for the target of new high above 275.
Give thumbs up if you really like the trade idea.
Hey my friends, PAKER-HANNIFIN CORP is in a bullish continuation, strong buying volume it is located on a strong trend support. It is very plausible that we break the fibonnaci with power, to go up on the second precedent above and that we start again in the fall given the number of purchase volume before last sessions.
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PH is about to breakout of its consolidation Flag. It had a run up, then has been consolidating over the past several weeks. It is now looking to breakout upward to the 190-195 range, with the moving averages trending upward underneath as well
Recently published a daily chart for PH that shows a breakout buy setup.
RSI looks like it may come back to test its trend line. I would buy if RSI broke out along with Price action on heighted volume.
Personal Note----> Note that the RSI has not "reset". Will the potential break be of significance?
^If you are wondering what this means it is a long story....
