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

By James Quinn

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 $86.50 and $86.50 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 share prices have moved between a 52-week high of $115.75 and a 52-week low of $71.08 and closed yesterday at 24% above that low price at $88.10 per share. The 200-day and 50-day moving averages have moved 0.35% lower and 0.15% higher over the past week, respectively.

Affil Managers (NYSE:AMG) has potential upside of 137.6% based on a current price of $88.10 and analysts' consensus price target of $209.33. The stock should discover initial support at its 200-day moving average (MA) of $84.11 and subsequent support at its 50-day MA of $83.83.

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 tracking the current trend status for Affil Managers and will alert subscribers who have AMG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle affil managers

Ticker(s): AMG