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Possible Bearish Inside Day Candle Pattern Detected for Amer Axle & Mfg (NYSE:AXL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Amer Axle & Mfg (NYSE:AXL) based on the price action in the company's shares. Today's price range of $11.53 and $11.92 is within yesterday'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 Amer Axle & Mfg may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

American Axle & Manufacturing Holdings, Inc. is a global Tier-One automotive supplier of driveline and drivetrain systems and related components for light trucks, SUVs, passenger cars, crossover, and commercial vehicles. In addition to locations in the North America, AAM also has offices or facilities in Europe, Asia and South America.

Amer Axle & Mfg has overhead space with shares priced $11.53, or 43.1% below the average consensus analyst price target of $20.27. Amer Axle & Mfg shares should first meet resistance at the 50-day moving average (MA) of $11.61 and find additional resistance at the 200-day MA of $13.54.

In the past 52 weeks, Amer Axle & Mfg share prices have been bracketed by a low of $9.96 and a high of $19.34 and are now at $11.53, 16% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 1.2%.

SmarTrend is tracking the current trend status for Amer Axle & Mfg and will alert subscribers who have AXL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle amer axle & mfg

Ticker(s): AXL