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Possible Bearish Inside Day Candle Pattern Detected for America Movil (NYSE:AMX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in America Movil (NYSE:AMX) based on the price action in the company's shares. Today's price range of $11.96 and $12.04 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 America Movil may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

America Movil SAB de C.V. provides wireless communications services in all regions of Mexico. The Company also participates in telecommunications joint ventures in several other South American countries as well as in the United States.

There is potential upside of 67.1% for shares of America Movil based on a current price of $12.03 and an average consensus analyst price target of $20.10. The stock should run into initial resistance at its 50-day moving average (MA) of $14.90 and subsequent resistance at its 200-day MA of $15.87.

Over the past year, America Movil has traded in a range of $11.02 to $21.76 and is now at $12.03, 9% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of America Movil on May 4th, 2016 by issuing a Downtrend alert when the shares were trading at $13.34. Since that call, shares of America Movil have fallen 9.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle america movil

Ticker(s): AMX