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 , which now appears to be breaking.
The news flow could be positive for IR because , 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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