AIT pushes through key technical resistance level

Applied Industrial Technologies Inc. (AIT) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team


AIT finds buyers around 56.71 for the forth day in a row
AIT pushes through key technical resistance level
AIT closes within previous day's range


AIT finished Wednesday at 58.11 gaining $1.18 (2.07%) on high volume, strongly outperforming the S&P 500 (-0.46%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (AIT as at Sep 16, 2020):

Daily technical analysis candlestick chart for Applied Industrial Technologies Inc. (AIT) as at Sep 16, 2020

Wednesday's trading range has been $2.23 (3.91%), that's far above the last trading month's daily average range of $1.58. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for AIT.

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.

Buyers managed to take out the key technical resistance level at 57.09 (now S1), which is likely to act as support going forward. The last time this happened on July 29th, AIT actually lost -1.95% on the following trading day. Applied Industrial was bought again around 56.71 after having seen lows at 56.77, 57.02 and 56.76 in the last three trading sessions. Obviously there is something going on at that level.

Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous three Lows" stand out. Its common bullish interpretation has been confirmed for Applied Industrial. Out of 24 times, AIT closed higher 58.33% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 75.00% with an average market move of 1.50%.

Market Conditions for AIT as at Sep 16, 2020

Loading Market Conditions for AIT (Applied Industrial Technologies Inc.)...
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