Parker-Hannifin (PH) is one of America's great industrial companies. The chart looks great too. The SCTR has transitioned from staying below 50 to staying above 50 for most of the last 8 months. The relative strength is pushing to new highs and the stock is trying to break out of a two-month consolidation.
The volume has been steady for two months as well. With the MACD looking like it wants to turn higher, the stock looks interesting here. The recent improvement in the transportation stocks also lends well to some positive inspiration for the industrials.
Good trading,
Greg Schnell, CMT, MFTA.
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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