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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 $14.84 and $15.04 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) is currently priced 13.2% above its average consensus analyst price target of $13.00. The stock should find initial support at its 50-day moving average (MA) of $13.97 and further support at its 200-day MA of $12.44.

In the past 52 weeks, Aes Corp share prices have been bracketed by a low of $9.87 and a high of $15.39 and closed yesterday at $14.98, 52% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has advanced 0.9%.

SmarTrend recommended that subscribers consider buying shares of Aes Corp on March 29th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.29. Since that recommendation, shares of Aes Corp have risen 32.7%. We continue to monitor AES for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle aes corp

Ticker(s): AES