• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Amtrust Financial Services (NASDAQ:AFSI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Amtrust Financial Services (NASDAQ:AFSI) based on the price action in the company's shares. Today's price range of $13.28 and $13.94 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 Amtrust Financial Services may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 154.5% exists for Amtrust Financial Services, based on a current level of $13.28 and analysts' average consensus price target of $33.80. The stock should run into initial resistance at its 50-day moving average (MA) of $25.38 and subsequent resistance at its 200-day MA of $29.31.

AmTrust Financial Services, Inc. offers insurance coverage. The Company offers property/casualty, workers' compensation, special risk, and warranty insurance, and extended service plans. The Company operates in the United States and the European Union, and reinsures risk worldwide.

Over the past year, Amtrust Financial Services has traded in a range of $11.80 to $35.94 and is now at $13.28, 13% above that low. The 200-day and 50-day moving averages have moved 0.54% lower and 0.09% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Amtrust Financial Services on April 11th, 2017 by issuing a Downtrend alert when the shares were trading at $15.70. Since that call, shares of Amtrust Financial Services have fallen 10.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle amtrust financial services

Ticker(s): AFSI