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Possible Bearish Inside Day Candle Pattern Detected for Aes Corp (NYSE:AES)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Aes Corp (NYSE:AES) based on the price action in the company's shares. Today's price range of $15.14 and $15.32 is within yesterday'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 Aes Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Aes Corp have traded between a low of $13.00 and a high of $18.52 and are now at $15.20, which is 17% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has remained constant.

Aes Corp (NYSE:AES) is currently priced 14.5% above its average consensus analyst price target of $13.00. Aes Corp shares should first meet resistance at the 200-day moving average (MA) of $16.47 and find additional resistance at the 50-day MA of $16.60.

The AES Corporation acquires, develops, owns, and operates generation plants and distribution businesses in several countries. The Company sells electricity under long term contracts and serves customers under its regulated utility businesses. AES also mines coal, turns seawater into drinking water, and develops alternative sources of energy.

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

Keywords: bearish inside day candle aes corp

Ticker(s): AES