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Possible Bearish Inside Day Candle Pattern Detected for Air Transport Se (NASDAQ:ATSG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Air Transport Se (NASDAQ:ATSG) based on the price action in the company's shares. Yesterday's price range of $21.32 and $21.71 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 Air Transport Se may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Air Transport Services Group, Inc., through its subsidiaries, operates in the airfreight and logistics industry. The company owns and leases cargo aircraft to airlines and other customers.

Air Transport Se has overhead space with shares priced $21.16, or 24.4% below the average consensus analyst price target of $28.00. The stock should run into initial resistance at its 200-day moving average (MA) of $21.63 and subsequent resistance at its 50-day MA of $23.14.

In the past 52 weeks, shares of Air Transport Se have traded between a low of $17.06 and a high of $25.82 and closed yesterday at $21.16, which is 24% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.8%.

SmarTrend recommended that its subscribers protect gains by selling shares of Air Transport Se on March 1st, 2019 by issuing a Downtrend alert when the shares were trading at $22.46. Since that call, shares of Air Transport Se have fallen 5.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle air transport se

Ticker(s): ATSG