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Possible Bearish Inside Day Candle Pattern Detected for Applied Indu Tec (NYSE:AIT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Applied Indu Tec (NYSE:AIT) based on the price action in the company's shares. Yesterday's price range of $74.75 and $76.65 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 Applied Indu Tec may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Applied Industrial Technologies, Inc. distributes bearings and seals, power transmission and fluid power components, hydraulic and pneumatic components, industrial rubber products, linear components, and general maintenance items. The Company also provides engineering design and systems integration services, as well as mechanical, fabricated rubber, and fluid power shop services.

Over the past year, Applied Indu Tec has traded in a range of $54.00 to $77.15 and closed yesterday at $76.35, 41% above that low. The 200-day and 50-day moving averages have moved 0.23% higher and 0.37% higher over the past week, respectively.

Potential upside of 8.7% exists for Applied Indu Tec, based on a current level of $76.35 and analysts' average consensus price target of $83.00. The stock should find initial support at its 50-day moving average (MA) of $73.42 and further support at its 200-day MA of $69.85.

SmarTrend is tracking the current trend status for Applied Indu Tec and will alert subscribers who have AIT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle applied indu tec

Ticker(s): AIT