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

By Amy Schwartz

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 $69.50 and $70.10 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.

In the past 52 weeks, shares of Applied Indu Tec have traded between a low of $49.45 and a high of $70.62 and closed yesterday at $70.00, which is 42% above that low price. The 200-day and 50-day moving averages have moved 0.22% higher and 0.61% higher over the past week, respectively.

Applied Indu Tec (NYSE:AIT) has potential upside of 18.6% based on a current price of $70.00 and analysts' consensus price target of $83.00. The stock should find initial support at its 50-day moving average (MA) of $66.37 and further support at its 200-day MA of $59.68.

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