Is Applied Industrial Trade Over?

Resource from: CBCC Likes:2944

Sep 19,2010

New York, September 16th (TradersHuddle.com) - Shares of Applied Industrial Technologies, Inc. (NYSE:AIT) ended the trading session lower by $0.33 or -1.1% from its previous close. Applied Industrial's price action formed what is considered to be a bearish engulfing candlestick chart pattern. Applied Industrial Technologies, Inc. (NYSE:AIT) 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 customized mechanical, fabricated rubber, and fluid power shop services. Applied Industrial's current stock range is defined by calculated support defined at $25.26 and by the resistance level at $30.12, which should be used by traders planning their trades. Traders wanting to establish a position in Applied Industrial stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Applied Industrial shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal

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