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Possible Bearish Inside Day Candle Pattern Detected for Amc Networks-A (NASDAQ:AMCX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Amc Networks-A (NASDAQ:AMCX) based on the price action in the company's shares. Yesterday's price range of $50.25 and $51.03 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 Amc Networks-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 23.2% exists for Amc Networks-A, based on a current level of $50.56 and analysts' average consensus price target of $62.27. The stock should find initial resistance at its 50-day moving average (MA) of $51.90 and further resistance at its 200-day MA of $56.80.

Over the past year, Amc Networks-A has traded in a range of $46.34 to $68.42 and closed yesterday at $50.56, 9% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.8%.

AMC Networks Inc. operates as a holding company which produces independent films and original programming through its subsidiaries. The Company broadcasts and distributes its content on television, through online streaming services and on mobile platforms.

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

Keywords: bearish am inside day candle amc networks-a

Ticker(s): AMCX