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

By Nick Russo

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 $16.13 and $16.24 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 (NYSE:AES) defies analysts with a current price ($16.22) 19.9% above its average consensus price target of $13.00. The stock should hit resistance at its 50-day moving average (MA) of $17.61, as well as support at its 200-day MA of $15.64.

In the past 52 weeks, Aes Corp share prices have been bracketed by a low of $11.80 and a high of $18.52 and closed yesterday at $16.22, 37% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has risen 0.3%.

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