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Possible Bearish Inside Day Candle Pattern Detected for Amer Eagle Outf (NYSE:AEO)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Amer Eagle Outf (NYSE:AEO) based on the price action in the company's shares. Yesterday's price range of $15.19 and $15.31 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 Eagle Outf may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Amer Eagle Outf has traded in a range of $13.66 to $24.30 and closed yesterday at $15.21, 11% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 0.4%.

Amer Eagle Outf (NYSE:AEO) has potential upside of 40.3% based on a current price of $15.21 and analysts' consensus price target of $21.33. The stock should find initial resistance at its 50-day moving average (MA) of $15.51 and further resistance at its 200-day MA of $18.07.

American Eagle Outfitters, Inc. retails men's and women's casual apparel, footwear, outerwear, and accessories. The Company's products include jeans, khakis, t-shirts, and other similar apparel. American Eagle operates in the United States.

SmarTrend is tracking the current trend status for Amer Eagle Outf and will alert subscribers who have AEO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle amer eagle outf

Ticker(s): AEO