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Possible Bearish Inside Day Candle Pattern Detected for American Financial (NYSE:AFG)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in American Financial (NYSE:AFG) based on the price action in the company's shares. Yesterday's price range of $73.89 and $74.25 is within the prior day'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 Financial may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

American Financial share prices have moved between a 52-week high of $75.68 and a 52-week low of $62.98 and closed yesterday at 18% above that low price at $74.08 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

American Financial Group, Inc. provides multi-line property and casualty insurance. The Company also sells tax-deferred annuities and certain life and supplemental health insurance products. American Financial operates in the United States.

American Financial has overhead space with shares priced $74.08, or 0.2% below the average consensus analyst price target of $74.25. The stock should discover initial support at its 200-day moving average (MA) of $70.02 and subsequent support at its 50-day MA of $69.40.

SmarTrend recommended that subscribers consider buying shares of American Financial on June 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $71.58. Since that recommendation, shares of American Financial have risen 3.5%. We continue to monitor AFG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle american financial

Ticker(s): AFG