Parker-Hannifin Corporation (PH) showed up today in our scanner for double bottom patterns.
According to our backtest research, this double bottom setup has appeared 44 previous times for PH.
Our backtests suggest that if a person had bought and held the stock for 2 weeks in each of those 44 cases, there might have been 35 wins and 9 losses with an average annualized return of 104.0% per trade.
The most recent previous PH double bottom signal in our backtest history was on January 14, 2025. The price of PH stock at that time was $634.87. In that case, our backtests suggest that if a person had bought and held the stock for 2 weeks, it might have resulted in a gain of 3.35% since the price of PH stock after that period was $656.14.
A double bottom is a pattern where a stock falls into the same general price zone two different times and then tries to hold that area. There is typically a clear line of support under the double bottom pattern. Traders watch it because it can show that sellers may be having a hard time pushing the stock lower. It is still only a chart setup, though, not a prediction.
Stock chart patterns are popular among many active traders. Considered one of the pillars of technical analysis, they might give us clues about where a stock price could be headed next. That does not mean the pattern is a prediction, which is why Stock Market Guides looks at how similar setups have performed historically.
Parker-Hannifin Corporation is an industrial company in the specialty industrial machinery industry. Stock Market Guides lists PH with a market cap of $110,244.9 million. The company makes motion and control technologies used in aerospace and defense, industrial equipment, transportation, energy, and HVAC and refrigeration markets.
Our proprietary stock scanner identified this double bottom setup and automatically did the calculations to quantify its backtested historical performance. The scanning technology we built is at the heart of all the stock market research we do.
Backtests can offer powerful insights for analysis, but backtests have important limitations.
Comments
Log in or sign up to join the conversation.