Praxair Inc. (NYSE:PX)’s stock pattern has become bearish, forming a descending triangle. The stock currently sits at $119.08.
The descending triangle gives a bearish signal to chartists, suggesting that the price could trend downward. The descending triangle is formed by a flat support line and a resistance line that slopes downward.
Like the ascending triangle, the descending triangle pattern is considered to be a continuation pattern, because it’s preceded by a downward-sloping trendline, though it also can be found in an uptrend.
The first part of a descending triangle pattern is a fall to a low that then comes to a support level, which then sends the price to a high. The next move is to approach a second test of the previous level of support, which sends the stock higher again, though this time it’s to a lover level than the previous higher move. This process is repeated until the price level is unable to hold the support and then falls below, resuming a downtrend.
The pattern indicates that buyers are trying to take the security price higher, but face stiff resistance. Following sever failed attempts to push stock higher, the buyers fall off as the sellers gain power, sending the price lower.
Let’s take a look at how the stock has been performing recently. Over the past twelve months, Praxair Inc.’s stock was 18.65%. Over the last week of the month, it was 2.40%, -1.65% over the last quarter, and 8.90% for the past six months.
Over the past 50 days, Praxair Inc. stock was -2.39% off of the high and 4.06% removed from the low. Their 52-Week High and Low are noted here. -4.15% (High), 27.09%, (Low).
Praxair Inc. (NYSE:PX)’s performance this year to date is 18.65%. The stock has performed 2.40% over the last seven days, 0.43% over the last thirty, and -1.65% over the last three months. Over the last six months, Praxair Inc.’s stock has been 8.90% and 8.02% for the year.
Disclaimer: The views, opinions, and information expressed in this article are those of the authors and do not necessarily reflect the official policy or position of any company stakeholders, financial professionals, or analysts. Examples of analysis performed within this article are only examples. They should not be utilized to make stock portfolio or financial decisions as they are based only on limited and open source information. Assumptions made within the analysis are not reflective of the position of any analysts or financial professionals.
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