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Possible Bullish Inside Day Candle Pattern Detected for Aegion Corp (NASDAQ:AEGN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Aegion Corp (NASDAQ:AEGN) based on the price action in the company's shares. Yesterday's price range of $14.56 and $14.85 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. Traders and investors interested in shares of Aegion Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Aegion Corp share prices have been bracketed by a low of $14.12 and a high of $26.80 and closed yesterday at $14.63, 4% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 0.8%.

Aegion Corp. provides technologies and services to protect, rehabilitate, strengthen, and extend the life of infrastructure assets including pipelines, bridges, buildings, and waterfront structures. The Company provide a variety of infrastructure solutions to the energy and mining, commercial and structural, and water and wastewater markets.

Potential upside of 72.2% exists for Aegion Corp, based on a current level of $14.63 and analysts' average consensus price target of $25.20. The stock should run into initial resistance at its 50-day moving average (MA) of $17.21 and subsequent resistance at its 200-day MA of $19.45.

SmarTrend recommended that its subscribers protect gains by selling shares of Aegion Corp on May 9th, 2019 by issuing a Downtrend alert when the shares were trading at $16.00. Since that call, shares of Aegion Corp have fallen 8.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle aegion corp

Ticker(s): AEGN