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Possible Bullish Inside Day Candle Pattern Detected for Ameriprise Financial (NYSE:AMP)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ameriprise Financial (NYSE:AMP) based on the price action in the company's shares. Yesterday's price range of $101.46 and $102.46 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 Ameriprise 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.

Ameriprise Financial (NYSE:AMP) has potential upside of 31.4% based on a current price of $101.62 and analysts' consensus price target of $133.56. The stock should hit resistance at its 200-day moving average (MA) of $104.07, as well as support at its 50-day MA of $93.38.

Over the past year, Ameriprise Financial has traded in a range of $76.00 to $130.69 and closed yesterday at $101.62, 34% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 1.0%.

Ameriprise Financial, Inc. is a financial planning and services firm. The Company provides financial planning, products and services that are designed to be utilized as solutions for its clients' cash and liquidity, asset accumulation, income, protection, and estate and wealth transfer needs.

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

Keywords: bullish am inside day candle ameriprise financial

Ticker(s): AMP