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

By James Quinn

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. Yesterday's price range of $55.83 and $56.67 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 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 $56.36, or 17.0% 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.

American International share prices have moved between a 52-week high of $64.93 and a 52-week low of $50.20 and closed yesterday at 12% above that low price at $56.36 per share. The 200-day and 50-day moving averages have moved 0.29% lower and 0.62% higher over the past week, respectively.

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 am inside day candle american international

Ticker(s): AIG