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Possible Bullish Inside Day Candle Pattern Detected for Affiliated Managers (NYSE:AMG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Affiliated Managers (NYSE:AMG) based on the price action in the company's shares. Yesterday's price range of $140.11 and $142.41 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 Affiliated Managers 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, shares of Affiliated Managers have traded between a low of $115.97 and a high of $229.12 and closed yesterday at $141.39, which is 22% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 1.8%.

Potential upside of 56.5% exists for Affiliated Managers, based on a current level of $141.39 and analysts' average consensus price target of $221.33. Affiliated Managers shares should first meet resistance at the 50-day moving average (MA) of $160.07 and find additional resistance at the 200-day MA of $166.36.

Affiliated Managers Group, Inc. is an asset management holding company. The Company acquires majority interests in mid-sized investment management firms.

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

Keywords: bullish am inside day candle affiliated managers

Ticker(s): AMG