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ir New York, February 22nd ( - Shares of Ingersoll-Rand Plc (NYSE:IR) closed the trading day higher by $0.36 or 0.69% from its previous close. Ingersoll-Rand's price action formed what is considered to be a doji close, where the open and close prices are very close to each other, mainly signaling an indecision between buyers and sellers.

Ingersoll-Rand Plc (NYSE:IR) is a diversified, global company that provides a diverse range of products and services for a wide range of industries. The Dublin, Ireland based company offers air conditioning systems and services, climate control technologies, industrial technologies and security technologies.

Ingersoll-Rand's trading range is defined by a trough, which marked calculated support at $47.15 and by a peak that set the resistance point at $51.69. These levels are closely watched by traders managing their positions.

Traders wanting to establish a position in Ingersoll-Rand or traders that are already holding the stock can use the doji close to their advantage, since the pattern present a short-term pause in the stock's price action. This pause results in an entry point for traders depending of which way the stock resolves this short-term indecision.

The Doji is an important candlestick pattern that provides information on their own and as components in a number of important patterns. Doji form when a security's open and close are virtually equal. The length of the upper and lower shadows can vary and the resulting candlestick looks like a cross, inverted cross or plus sign. Alone, doji are neutral patterns.

Any bullish or bearish bias is based on preceding price action and future confirmation. In the case of Ingersoll-Rand, given that the stock finished the session higher, bulls should monitor their positions for confirmation that the stock will continue higher by taking its intraday high. Below a Doji illustration:

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