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Possible Bullish Inside Day Candle Pattern Detected for Amer Axle & Mfg (NYSE:AXL)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Amer Axle & Mfg (NYSE:AXL) based on the price action in the company's shares. Yesterday's price range of $6.72 and $6.89 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 Amer Axle & Mfg may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

American Axle & Manufacturing Holdings, Inc., together with its subsidiaries, designs, engineers, validates and manufactures driveline, metal forming, powertrain, and casting products in the United States, Mexico, South America, China, other Asian countries, Europe, and internationally. The company's Driveline segment offers axles, drive shafts, power transfer units, rear drive modules, transfer cases, and electric and hybrid driveline products and systems for light trucks, sport utility vehicles, crossover vehicles, passenger cars, and commercial vehicles.

Potential upside of 200.4% exists for Amer Axle & Mfg, based on a current level of $6.75 and analysts' average consensus price target of $20.27. Amer Axle & Mfg shares should first meet resistance at the 50-day moving average (MA) of $10.77 and find additional resistance at the 200-day MA of $12.73.

In the past 52 weeks, Amer Axle & Mfg share prices have been bracketed by a low of $6.65 and a high of $19.34 and closed yesterday at $6.75, 2% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 2.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Amer Axle & Mfg on August 2nd, 2019 by issuing a Downtrend alert when the shares were trading at $9.42. Since that call, shares of Amer Axle & Mfg have fallen 29.4%. 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 amer axle & mfg

Ticker(s): AXL