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

By Amy Schwartz

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 $27.47 and $27.71 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.

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.

In the past 52 weeks, shares of Amtrust Financial Services have traded between a low of $23.55 and a high of $35.94 and are now at $27.53, which is 17% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has remained constant.

Amtrust Financial Services (NASDAQ:AFSI) has potential upside of 179.0% based on a current price of $27.53 and analysts' consensus price target of $76.80. Amtrust Financial Services shares should encounter resistance at the 200-day moving average (MA) of $29.31 and support at the 50-day MA of $25.38.

SmarTrend recommended that subscribers consider buying shares of Amtrust Financial Services on August 9th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $26.19. Since that recommendation, shares of Amtrust Financial Services have risen 6.2%. We continue to monitor AFSI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle amtrust financial services

Ticker(s): AFSI