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Is Ingersoll Rand Breaking Out? for NYSE:IR by TradeStation

Attention has focused on growth stocks for the last two months. Now could be the time to return to industrial names like Ingersoll Rand .

The manufacturing conglomerate has gone nowhere for over five months. However it made a series of higher lows since mid-June while holding below $49.50. The result is a bullish ascending triangle , which now appears to be breaking.

That zone has additional importance because it’s also the location of the 50-day simple moving average ( SMA ). Bollinger Bandwidth has been toward the narrower end of its range as well.

The news flow could be positive for IR because earnings , revenue and guidance beat estimates last week. Congress is also near passing an infrastructure bill, which would mostly favor industrials .

Speaking of industrials , a strange thing has been happening inside the sector: Some of the biggest names like United Parcel Service and Boeing have struggled for their own reasons. But many of the smaller names that track general economic activity – like Carrier, Otis and TE Connectivity – are jumping. IR fits more under that second group.

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