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

By David Diaz

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 $63.78 and $64.15 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.

Over the past year, American International has traded in a range of $48.41 to $67.47 and closed yesterday at $63.83, 32% above that low. The 200-day and 50-day moving averages have moved 0.29% lower and 0.62% higher over the past week, respectively.

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.

Potential upside of 8.8% exists for American International, based on a current level of $63.83 and analysts' average consensus price target of $69.44. American International shares have support at the 200-day moving average (MA) of $58.03 and additional support at the 50-day MA of $53.88.

SmarTrend is tracking the current trend status for American International and will alert subscribers who have AIG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle american international

Ticker(s): AIG