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Ingersoll Rand Is Likely to Power Its Way Higher

There's been an upward trend over the past 12 months.
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Ingersoll Rand (IR) , is a leader with many innovative and mission-critical air, fluid, energy and medical technologies. Let's check out the condition of the charts and indicators to see if the advance can continue.

In this daily bar chart of IR, below, I can see an upward trend in price over the past 12 months. Prices trade above the rising 50-day moving average line and above the rising 200-day moving average line. Dips towards the 200-day line in March and April were buying opportunities.

The On-Balance-Volume (OBV) line has been rising from a low in October. A rising OBV line tells me that buyers of IR have been more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line. 

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In this weekly Japanese candlestick chart of IR, below, I can see that IR bottomed in 2022 and turned higher in early 2023. Prices just broke out above the 2021 highs. IR trades above the rising 40-week moving average line.

The weekly OBV line shows us gains from October and supports the bullish case for IR. The MACD oscillator has just curved upwards for a fresh outright buy signal.

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In this daily Point and Figure chart of IR, below, I can see a price target in the $75 area.

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In this weekly Point and Figure chart of IR, below, I can see the same price target as the daily chart above: $75.

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Bottom line strategy: I recommended purchase of IR on May 4. Continue to hold longs and add to that position. The $75 area is my first price target with $85 after that.

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