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Possible Bearish Inside Day Candle Pattern Detected for American Capital (NASDAQ:ACAS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in American Capital (NASDAQ:ACAS) based on the price action in the company's shares. Today's price range of $13.99 and $14.15 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 American Capital may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of American Capital have traded between a low of $11.12 and a high of $15.24 and are now at $14.05, which is 26% above that low price. The 200-day and 50-day moving averages have moved 0.10% higher and 0.60% higher over the past week, respectively.

American Capital Ltd. is an alternative asset manager. The Company, directly and through its global asset management business, invests in employee and management buyouts, private equity buyouts, and early stage and mature private and public companies. American Capital provides debt and equity to fund growth, acquisitions, recapitalizations, and securitizations.

There is potential upside of 14.5% for shares of American Capital based on a current price of $14.05 and an average consensus analyst price target of $16.08. American Capital shares have support at the 200-day moving average (MA) of $13.67 and additional support at the 50-day MA of $13.66.

SmarTrend recommended that subscribers consider buying shares of American Capital on July 12th, 2013 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $13.38. Since that recommendation, shares of American Capital have risen 6.1%. We continue to monitor ACAS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle american capital

Ticker(s): ACAS