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Possible Bullish Inside Day Candle Pattern Detected for Aspen Insurance (NYSE:AHL)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Aspen Insurance (NYSE:AHL) based on the price action in the company's shares. Yesterday's price range of $46.45 and $46.88 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 Aspen Insurance may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Aspen Insurance has traded in a range of $43.27 to $57.80 and closed yesterday at $46.55, 8% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

Aspen Insurance has overhead space with shares priced $46.55, or 14.3% below the average consensus analyst price target of $54.33. Aspen Insurance shares should first meet resistance at the 50-day moving average (MA) of $46.62 and find additional resistance at the 200-day MA of $47.29.

Aspen Insurance Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides property and casualty insurance and reinsurance products. Aspen Insurance Holdings serves customers globally.

SmarTrend recommended that its subscribers protect gains by selling shares of Aspen Insurance on May 17th, 2017 by issuing a Downtrend alert when the shares were trading at $49.85. Since that call, shares of Aspen Insurance have fallen 6.6%. 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 aspen insurance

Ticker(s): AHL