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Watch for Continued Losses in Shares of Applied Indu Tec (AIT)

By Shiri Gupta

Applied Indu Tec (NYSE:AIT) traded today at a new 52-week low of $47.60. This new low was reached on below average trading volume as 82,000 shares traded hands, while the average 30-day volume is approximately 155,000 shares.

Over the past year, Applied Indu Techas traded in a range of $47.60 to $82.35 and are now at $51.22. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has remained constant.

Potential upside of 62.0% exists for Applied Indu Tec, based on a current level of $51.22 and analysts' average consensus price target of $83.00. The stock should run into initial resistance at its 50-day moving average (MA) of $58.42 and subsequent resistance at its 200-day MA of $59.17.

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.

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

Keywords: 52 week high/lows applied indu tec

Ticker(s): AIT