Applied Industrial close to Resistance

Resource from: Applied Industrial Technologies, Inc. Likes:3081

Mar 31,2011

New York, March 30th (TradersHuddle.com) - Shares of Applied Industrial Technologies, Inc. (NYSE:AIT) are trading very close to calculated resistance at $32.99 with the current price action closing at just $32.93 placing the stock near levels that make it difficult to buy. 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 current calculated support defined at $30.36 and by the resistance level at $32.99, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level. Traders don't have a clear entry point for Applied Industrial, as the stock is well above support, however, as the stock pulls back towards $30.36 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $32.99 then traders will get an opportunity to enter Applied Industrial stock by establishing a position as the stock moves to a higher range.

(Applied Industrial Technologies, Inc.)

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