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Thursday, October 13, 2011
Catching up on old friend Parker (PH)
This is a really interesting chart. The dotted blue line shows the previous 'W' bottom we were managing in US multinational manufacturing company, Parker Hannifin. It has gone on to make a bigger 'W' with a target up to the broken neckline of the topping pattern. The target is subject to PH getting above the immediate resistance from the high of the middle of the 'W'.
This would argue for the broad US market also getting up to test its own neckline resistance. For example, SPX 1260 +/-.