Parker-Hannifin Corp - (PH) - June 21, 2023
Process control system manufacturer Parker Hannifin (PH) has consistently been in the Green Favored Zone of the SIA S&P 500 Index Report since November. Over that time, the shares have climbed 21.7%. Over the last month, the shares have climbed 45 spots to 49th place, including a gain of 4 positions yesterday.
Since bottoming out nine months ago, Parker Hannifin (PH) shares have been under accumulation, establishing an uptrend of consistently higher lows. Following a March correction, the shares spent three months consolidating. This month, accumulation has resumed with the shares completing two bullish Ascending Triangle patterns and breaking out to new all-time highs.
A confluence of measured moves suggests potential upside resistance may appear near $420.00 with an initial test possible near the $400.00 round number. Initial support appears at recent breakout points near $360.00 and $340.00.
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