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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in AES (NYSE:AES) based on the price action in the company's shares. Today's price range of $12.91 and $13.03 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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 also mines coal, turns seawater into drinking water, and develops alternative sources of energy.

In the past 52 weeks, shares of AES have traded between a low of $8.22 and a high of $14.02 and are now at $12.93, which is 57% above that low price. The 200-day and 50-day moving averages have moved 0.37% lower and 1.07% higher over the past week, respectively.

AES (NYSE:AES) is currently priced 4.8% above its average consensus analyst price target of $12.31. The stock should find initial support at its 50-day moving average (MA) of $11.07 and further support at its 200-day MA of $10.59.

SmarTrend recommended that subscribers consider buying shares of AES on February 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.91. Since that recommendation, shares of AES have risen 31.5%. We continue to monitor AES for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle

Ticker(s): AES