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Possible Bullish Inside Day Candle Pattern Detected for American Electri (NYSE:AEP)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in American Electri (NYSE:AEP) based on the price action in the company's shares. Yesterday's price range of $72.76 and $74.37 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 American Electri 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 Electric Power Company, Inc. (AEP) operates as a public utility holding company. The Company generates, transmits, distributes, and sells electricity to residential and commercial customers. AEP serves customers in the United States.

In the past 52 weeks, American Electri share prices have been bracketed by a low of $62.70 and a high of $78.07 and closed yesterday at $74.04, 18% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Based on a current price of $74.04, American Electri is currently 0.3% above its average consensus analyst price target of $73.78. The stock should discover initial support at its 50-day moving average (MA) of $71.94 and subsequent support at its 200-day MA of $68.92.

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

Keywords: bullish am inside day candle american electri

Ticker(s): AEP