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Possible Bearish Inside Day Candle Pattern Detected for Anixter Intl Inc (NYSE:AXE)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Anixter Intl Inc (NYSE:AXE) based on the price action in the company's shares. Yesterday's price range of $82.18 and $83.18 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 Anixter Intl Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Anixter International Inc. is a global distributor of network and security, electrical and electronic, and utility power solutions. The Company helps to build, connect, protect, and power valuable assets and critical infrastructures, from enterprise networks to industrial MRO supply to video surveillance applications to electric power distribution.

Anixter Intl Inc (NYSE:AXE) is currently priced 1.5% above its average consensus analyst price target of $81.50. The stock should discover initial support at its 50-day moving average (MA) of $66.17 and subsequent support at its 200-day MA of $60.73.

Anixter Intl Inc share prices have moved between a 52-week high of $82.13 and a 52-week low of $50.05 and closed yesterday at 65% above that low price at $82.70 per share. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 2.5%.

SmarTrend is tracking the current trend status for Anixter Intl Inc and will alert subscribers who have AXE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle anixter intl inc

Ticker(s): AXE