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Possible Bullish Inside Day Candle Pattern Detected for Applied Industrial Technologies (NYSE:AIT)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Applied Industrial Technologies (NYSE:AIT) based on the price action in the company's shares. Yesterday's price range of $59.75 and $60.53 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. Traders and investors interested in shares of Applied Industrial Technologies may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Applied Industrial Technologies share prices have moved between a 52-week high of $66.65 and a 52-week low of $35.55 and closed yesterday at 70% above that low price at $60.40 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.2%.

Based on a current price of $60.40, Applied Industrial Technologies is currently 1.5% above its average consensus analyst price target of $59.50. The stock should discover initial support at its 50-day moving average (MA) of $42.74 and subsequent support at its 200-day MA of $40.55.

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

Keywords: bullish am inside day candle applied industrial technologies

Ticker(s): AIT