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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 $5.49 and $5.93 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.

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.

Amer Axle & Mfg share prices have moved between a 52-week high of $13.45 and a 52-week low of $2.50 and closed yesterday at 125% above that low price at $5.62 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.4% while the 200-day MA has slid 1.2%.

Amer Axle & Mfg (NYSE:AXL) has potential upside of 260.8% based on a current price of $5.62 and analysts' consensus price target of $20.27. Amer Axle & Mfg shares should encounter resistance at the 200-day moving average (MA) of $7.80 and support at the 50-day MA of $4.09.

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