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Possible Bullish Inside Day Candle Pattern Detected for Ambac Financial (NASDAQ:AMBC)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ambac Financial (NASDAQ:AMBC) based on the price action in the company's shares. Yesterday's price range of $14.84 and $14.95 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 Ambac Financial may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ambac Financial has overhead space with shares priced $14.88, or 38.0% below the average consensus analyst price target of $24.00. Ambac Financial shares should first meet resistance at the 50-day moving average (MA) of $17.51 and find additional resistance at the 200-day MA of $18.79.

In the past 52 weeks, shares of Ambac Financial have traded between a low of $14.77 and a high of $23.34 and closed yesterday at $14.88, which is 1% above that low price. The 200-day and 50-day moving averages have moved 0.72% lower and 1.67% lower over the past week, respectively.

Ambac Financial Group, Inc., a holding company provides financial guarantee, insurance, and financial management services. The Company, through its subsidiaries, insures municipal and structured finance obligations. Ambac provides investment agreements, interest rate swaps, investment management advisory, and cash management services to states and municipalities.

SmarTrend recommended that its subscribers protect gains by selling shares of Ambac Financial on March 29th, 2019 by issuing a Downtrend alert when the shares were trading at $18.20. Since that call, shares of Ambac Financial have fallen 18.2%. 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 ambac financial

Ticker(s): AMBC