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Possible Bearish Inside Day Candle Pattern Detected for American Electri (NYSE:AEP)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in American Electri (NYSE:AEP) based on the price action in the company's shares. Today's price range of $91.72 and $91.72 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 American Electri may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

American Electric Power Company, Inc. (AEP) operates as a public utility holding company. The Company generates, transmits, distributes, and sells electricity to residential and commercial customers. AEP serves customers in the United States.

Over the past year, American Electri has traded in a range of $68.13 to $91.99 and is now at $91.72, 35% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.6%.

Based on a current price of $91.72, American Electri is currently 19.6% above its average consensus analyst price target of $73.78. American Electri shares have support at the 50-day moving average (MA) of $88.47 and additional support at the 200-day MA of $80.91.

SmarTrend is monitoring the recent change of momentum in American Electri. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of American Electri in search of a potential trend change.

Keywords: bearish inside day candle american electri

Ticker(s): AEP