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Possible Bearish Inside Day Candle Pattern Detected for Msc Indl Direct (NYSE:MSM)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Msc Indl Direct (NYSE:MSM) based on the price action in the company's shares. Yesterday's price range of $70.99 and $72.08 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 Msc Indl Direct 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, Msc Indl Direct share prices have been bracketed by a low of $64.59 and a high of $90.25 and closed yesterday at $71.07, 10% above that low price. The 200-day and 50-day moving averages have moved 0.1% lower and 0.14% higher over the past week, respectively.

Potential upside of 46.5% exists for Msc Indl Direct, based on a current level of $71.07 and analysts' average consensus price target of $104.08. The stock should hit resistance at its 200-day moving average (MA) of $76.07, as well as support at its 50-day MA of $69.13.

MSC Industrial Direct Co., Inc., together with its subsidiaries, distributes metalworking and maintenance, repair, and operations (MRO) products in the United States, Canada, and the United Kingdom.

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

Keywords: bearish am inside day candle msc indl direct

Ticker(s): MSM