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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 $34.37 and $35.40 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.

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

Altra Industrial share prices have moved between a 52-week high of $38.15 and a 52-week low of $23.52 and closed yesterday at 48% above that low price at $34.70 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 2.3%.

Altra Industrial has overhead space with shares priced $34.70, or 35.1% below the average consensus analyst price target of $53.50. Altra Industrial shares have support at the 200-day moving average (MA) of $31.41 and additional support at the 50-day MA of $31.12.

SmarTrend recommended that subscribers consider buying shares of Altra Industrial on October 21st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $28.55. Since that recommendation, shares of Altra Industrial have risen 21.6%. We continue to monitor AIMC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle altra industrial

Ticker(s): AIMC