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Possible Bearish Inside Day Candle Pattern Detected for Altra Industrial (NASDAQ:AIMC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Altra Industrial (NASDAQ:AIMC) based on the price action in the company's shares. Yesterday's price range of $35.33 and $36.33 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Altra Industrial may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Altra Industrial have traded between a low of $23.52 and a high of $46.35 and closed yesterday at $35.60, which is 51% above that low price. The 200-day and 50-day moving averages have moved 0.38% lower and 1.09% higher over the past week, respectively.

Altra Industrial (NASDAQ:AIMC) has potential upside of 50.3% based on a current price of $35.60 and analysts' consensus price target of $53.50. The stock should find initial support at its 50-day moving average (MA) of $34.39 and further support at its 200-day MA of $33.18.

Altra Industrial Motion Corp. designs, produces, and markets a wide range of mechanical power transmission and motion control products. The Company's product portfolio includes industrial clutches and brakes, enclosed gear drives, open gearing, couplings, engineered bearing assemblies, linear components, and other related products.

SmarTrend is monitoring the recent change of momentum in Altra Industrial. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Altra Industrial in search of a potential trend change.

Keywords: bearish am inside day candle altra industrial

Ticker(s): AIMC