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Possible Bearish Inside Day Candle Pattern Detected for Amer Eagle Outf (NYSE:AEO)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Amer Eagle Outf (NYSE:AEO) based on the price action in the company's shares. Today's price range of $16.40 and $16.72 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 Eagle Outf may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 29.0% for shares of Amer Eagle Outf based on a current price of $16.54 and an average consensus analyst price target of $21.33. The stock should run into initial resistance at its 50-day moving average (MA) of $16.98 and subsequent resistance at its 200-day MA of $19.63.

American Eagle Outfitters, Inc. retails men's and women's casual apparel, footwear, outerwear, and accessories. The Company's products include jeans, khakis, t-shirts, and other similar apparel. American Eagle operates in the United States.

In the past 52 weeks, Amer Eagle Outf share prices have been bracketed by a low of $14.53 and a high of $29.88 and are now at $16.54, 14% 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 0.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Amer Eagle Outf on May 10th, 2019 by issuing a Downtrend alert when the shares were trading at $21.76. Since that call, shares of Amer Eagle Outf have fallen 22.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle amer eagle outf

Ticker(s): AEO