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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 $93.85 and $94.73 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.

Over the past year, Msc Indl Direct has traded in a range of $65.42 to $99.94 and closed yesterday at $94.30, 44% above that low. The 200-day and 50-day moving averages have moved 0.65% higher and 0.39% higher over the past week, respectively.

MSC Industrial Direct Co., Inc. is a direct marketer and supplier of a broad range of metalworking and maintenance and repair supplies. The Company markets its products to industrial customers throughout the United States.

Potential upside of 10.4% exists for Msc Indl Direct, based on a current level of $94.30 and analysts' average consensus price target of $104.08. Msc Indl Direct shares have support at the 50-day moving average (MA) of $90.90 and additional support at the 200-day MA of $84.70.

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