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Possible Bullish Inside Day Candle Pattern Detected for Amtrust Financial Services (NASDAQ:AFSI)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Amtrust Financial Services (NASDAQ:AFSI) based on the price action in the company's shares. Yesterday's price range of $12.01 and $12.17 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 Amtrust Financial Services 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 180.0% for shares of Amtrust Financial Services based on a current price of $12.07 and an average consensus analyst price target of $33.80. The stock should run into initial resistance at its 50-day moving average (MA) of $25.38 and subsequent resistance at its 200-day MA of $29.31.

In the past 52 weeks, shares of Amtrust Financial Services have traded between a low of $11.93 and a high of $35.94 and closed yesterday at $12.07, which is 1% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has remained constant.

AmTrust Financial Services, Inc. offers insurance coverage. The Company offers property/casualty, workers' compensation, special risk, and warranty insurance, and extended service plans. The Company operates in the United States and the European Union, and reinsures risk worldwide.

SmarTrend recommended that its subscribers protect gains by selling shares of Amtrust Financial Services on April 11th, 2017 by issuing a Downtrend alert when the shares were trading at $15.70. Since that call, shares of Amtrust Financial Services have fallen 23.7%. 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 amtrust financial services

Ticker(s): AFSI