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Possible Bearish Inside Day Candle Pattern Detected for Affil Managers (NYSE:AMG)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Affil Managers (NYSE:AMG) based on the price action in the company's shares. Yesterday's price range of $110.31 and $110.31 is within the prior day'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 Affil Managers may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Affil Managers has overhead space with shares priced $110.30, or 47.3% below the average consensus analyst price target of $209.33. The stock should find resistance at its 200-day moving average (MA) of $126.85, as well as support at its 50-day MA of $107.12.

Affil Managers share prices have moved between a 52-week high of $194.90 and a 52-week low of $88.47 and closed yesterday at 25% above that low price at $110.30 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 0.7%.

Affiliated Managers Group, Inc. is a global asset management company that invests in boutique investment management firms. The Company allows the firms in which it invests operational autonomy while providing assistance in strategic matters, marketing, distribution, product development, and operations.

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

Keywords: bearish am inside day candle affil managers

Ticker(s): AMG