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Possible Bearish Inside Day Candle Pattern Detected for Amer Axle & Mfg (NYSE:AXL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Amer Axle & Mfg (NYSE:AXL) based on the price action in the company's shares. Yesterday's price range of $4.11 and $4.49 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 Amer Axle & Mfg may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Amer Axle & Mfg (NYSE:AXL) has potential upside of 369.3% based on a current price of $4.32 and analysts' consensus price target of $20.27. The stock should run into initial resistance at its 50-day moving average (MA) of $4.43 and subsequent resistance at its 200-day MA of $8.05.

Over the past year, Amer Axle & Mfg has traded in a range of $2.50 to $15.48 and closed yesterday at $4.32, 73% above that low. The 200-day and 50-day moving averages have moved 1.73% lower and 7.78% lower over the past week, respectively.

American Axle & Manufacturing Holdings, Inc. is a global Tier-One automotive supplier of driveline and drivetrain systems and related components for light trucks, SUVs, passenger cars, crossover, and commercial vehicles. In addition to locations in the North America, AAM also has offices or facilities in Europe, Asia and South America.

SmarTrend is tracking the current trend status for Amer Axle & Mfg and will alert subscribers who have AXL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle amer axle & mfg

Ticker(s): AXL