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Possible Bullish Inside Day Candle Pattern Detected for Amc Networks-A (NASDAQ:AMCX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Amc Networks-A (NASDAQ:AMCX) based on the price action in the company's shares. Yesterday's price range of $46.87 and $47.30 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 Amc Networks-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 31.9% for shares of Amc Networks-A based on a current price of $47.23 and an average consensus analyst price target of $62.27. Amc Networks-A shares should first meet resistance at the 50-day moving average (MA) of $52.83 and find additional resistance at the 200-day MA of $57.22.

In the past 52 weeks, shares of Amc Networks-A have traded between a low of $46.34 and a high of $68.42 and closed yesterday at $47.23, which is 2% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 1.3%.

AMC Networks Inc. operates as a holding company which produces independent films and original programming through its subsidiaries. The Company broadcasts and distributes its content on television, through online streaming services and on mobile platforms.

SmarTrend recommended that its subscribers protect gains by selling shares of Amc Networks-A on July 22nd, 2019 by issuing a Downtrend alert when the shares were trading at $53.46. Since that call, shares of Amc Networks-A have fallen 12.4%. 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 amc networks-a

Ticker(s): AMCX