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Possible Bullish Inside Day Candle Pattern Detected for Air Methods (NASDAQ:AIRM)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Air Methods (NASDAQ:AIRM) based on the price action in the company's shares. Yesterday's price range of $34.53 and $35.23 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 Air Methods 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, Air Methods share prices have been bracketed by a low of $32.72 and a high of $46.49 and closed yesterday at $34.83, 6% above that low price. The 200-day and 50-day moving averages have moved 0.28% lower and 0.49% lower over the past week, respectively.

Air Methods Corporation provides aeromedical emergency transport services and systems throughout North America. The Company provides transportation services to hospitals throughout the U.S. In addition, Air Methods designs, manufactures, and installs medical aircraft interiors and other aerospace products.

Air Methods (NASDAQ:AIRM) has potential upside of 56.8% based on a current price of $34.83 and analysts' consensus price target of $54.60. Air Methods shares should first meet resistance at the 50-day moving average (MA) of $37.49 and find additional resistance at the 200-day MA of $38.71.

SmarTrend recommended that its subscribers protect gains by selling shares of Air Methods on May 9th, 2016 by issuing a Downtrend alert when the shares were trading at $36.01. Since that call, shares of Air Methods have fallen 4.7%. 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 air methods

Ticker(s): AIRM