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Possible Bearish Inside Day Candle Pattern Detected for American International (NYSE:AIG)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in American International (NYSE:AIG) based on the price action in the company's shares. Today's price range of $56.20 and $56.67 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 International may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

American International has overhead space with shares priced $56.25, or 17.2% below the average consensus analyst price target of $67.94. The stock should find resistance at its 200-day moving average (MA) of $58.03, as well as support at its 50-day MA of $53.88.

American International Group, Inc. is a holding company which, through its subsidiaries provides a varied range of insurance and insurance-related activities in the United States and abroad. The Company's main activities include both general insurance and life insurance & retirement services operations as well as financial services and asset management.

In the past 52 weeks, shares of American International have traded between a low of $50.20 and a high of $64.93 and are now at $56.25, which is 12% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.6%.

SmarTrend recommended that subscribers consider buying shares of American International on March 30th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $54.33. Since that recommendation, shares of American International have risen 4.4%. We continue to monitor AIG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle american international

Ticker(s): AIG