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

By Shiri Gupta

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 $61.40 and $62.37 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.

Amc Networks-A (NASDAQ:AMCX) is currently priced 0.2% above its average consensus analyst price target of $62.27. The stock should discover initial support at its 200-day moving average (MA) of $59.19 and subsequent support at its 50-day MA of $58.01.

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.

In the past 52 weeks, Amc Networks-A share prices have been bracketed by a low of $48.00 and a high of $69.02 and closed yesterday at $62.41, 30% above that low price. The 200-day and 50-day moving averages have moved 0.47% higher and 0.93% higher over the past week, respectively.

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