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Possible Bullish Inside Day Candle Pattern Detected for Aes Corp (NYSE:AES)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Aes Corp (NYSE:AES) based on the price action in the company's shares. Yesterday's price range of $10.25 and $10.43 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 Aes 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.

The AES Corporation acquires, develops, owns, and operates generation plants and distribution businesses in several countries. The Company sells electricity under long term contracts and serves customers under its regulated utility businesses. AES also mines coal, turns seawater into drinking water, and develops alternative sources of energy.

Aes Corp share prices have moved between a 52-week high of $13.32 and a 52-week low of $9.87 and closed yesterday at 4% above that low price at $10.30 per share. The 200-day and 50-day moving averages have moved 0.37% lower and 1.07% higher over the past week, respectively.

Aes Corp (NYSE:AES) has potential upside of 21.8% based on a current price of $10.30 and analysts' consensus price target of $12.54. The stock should run into initial resistance at its 200-day moving average (MA) of $10.59 and subsequent resistance at its 50-day MA of $11.07.

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

Keywords: bullish am inside day candle aes corp

Ticker(s): AES