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.
This 1% chart highlights the significance of the recent breakout in Parker Hannifin (PH) shares. A March selloff bottomed out at a higher low, continuing the upward trend which started back in October. For three months, the shares consolidated, building a base for their next move.
This month, PH has come under renewed accumulation, launching up off of higher support near $320.00 and rallying to a new all-time high above $370.00. Along the way, the shares have completed bullish Triple Top, Spread Triple Top, and Double Top breakouts, along with a Bullish Triangle.
Horizontal counts suggest next potential resistance may appear near $397.50, just below the $400.00 round number, followed by $426.20. Initial support appears near $356.30 based on a 3-box reversal.
With a perfect SMAX score of 10, PH is exhibiting strength across the asset classes.
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