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Possible Bearish Inside Day Candle Pattern Detected for Amc Networks-A (NASDAQ:AMCX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Amc Networks-A (NASDAQ:AMCX) based on the price action in the company's shares. Yesterday's price range of $25.13 and $26.01 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 Amc Networks-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 145.8% exists for Amc Networks-A, based on a current level of $25.34 and analysts' average consensus price target of $62.27. The stock should find initial resistance at its 50-day moving average (MA) of $25.68 and further resistance at its 200-day MA of $40.32.

In the past 52 weeks, shares of Amc Networks-A have traded between a low of $19.65 and a high of $57.49 and closed yesterday at $25.34, which is 29% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.7% while the 200-day MA has slid 1.1%.

AMC Networks Inc. operates as a holding company which produces independent films and original programming through its subsidiaries. The Company broadcasts and distributes its content on television, through online streaming services and on mobile platforms.

SmarTrend recommended that its subscribers protect gains by selling shares of Amc Networks-A on January 24th, 2020 by issuing a Downtrend alert when the shares were trading at $37.86. Since that call, shares of Amc Networks-A have fallen 31.2%. 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 amc networks-a

Ticker(s): AMCX