We’re monitoring Ingersoll-Rand for a potential break higher. It’s continued to defy gravity despite the broader market selling off, so if sentiment is to improve it could have another crack at those highs. Currently up 33% year to date, price action is now coiling within a bullish triangle formation. The trend structure is clearly bullish, so we now need key support levels to hold before bullish momentum returns to signal its next leg higher. If the lows near the top of the gap give way, it would be one for the backburner until the trend becomes a bit clearer. Matt Simpson takes a technical look.
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