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Possible Bearish Inside Day Candle Pattern Detected for Aecom (NYSE:ACM)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Aecom (NYSE:ACM) based on the price action in the company's shares. Yesterday's price range of $27.79 and $29.29 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. Owners of Aecom may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

AECOM provides professional technical services to the United States government, state, local, and non-U.S. governments and agencies, and commercial customers. The Company's services include consulting, planning, architecture, engineering, construction management, project management, asset management, environmental services, and design-build services.

In the past 52 weeks, Aecom share prices have been bracketed by a low of $21.76 and a high of $52.40 and closed yesterday at $28.75, 32% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 4.6%.

There is potential upside of 40.4% for shares of Aecom based on a current price of $28.75 and an average consensus analyst price target of $40.38. Aecom shares should first meet resistance at the 200-day moving average (MA) of $39.80 and find additional resistance at the 50-day MA of $42.78.

SmarTrend recommended that its subscribers protect gains by selling shares of Aecom on March 6th, 2020 by issuing a Downtrend alert when the shares were trading at $44.60. Since that call, shares of Aecom have fallen 35.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle aecom

Ticker(s): ACM