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

By Nick Russo

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 $12.80 and $12.95 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.

Potential upside of 56.3% exists for America Movil, based on a current level of $12.86 and analysts' average consensus price target of $20.10. The stock should find initial resistance at its 50-day moving average (MA) of $14.90 and further resistance at its 200-day MA of $15.87.

In the past 52 weeks, shares of America Movil have traded between a low of $11.87 and a high of $21.76 and are now at $12.86, which is 8% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has remained constant.

SmarTrend is tracking the current trend status for America Movil and will alert subscribers who have AMX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle america movil

Ticker(s): AMX