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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $2.94 and $3.16 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. Traders and investors interested in shares of Amer Axle & Mfg may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Amer Axle & Mfg share prices have moved between a 52-week high of $16.43 and a 52-week low of $2.50 and closed yesterday at 24% above that low price at $3.09 per share. Over the last five market days, the 200-day moving average (MA) has gone down 2.3% while the 50-day MA has declined 8.6%.

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.

Potential upside of 556.1% exists for Amer Axle & Mfg, based on a current level of $3.09 and analysts' average consensus price target of $20.27. The stock should find initial resistance at its 50-day moving average (MA) of $6.51 and further resistance at its 200-day MA of $8.78.

SmarTrend is monitoring the recent change of momentum in Amer Axle & Mfg. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Amer Axle & Mfg in search of a potential trend change.

Keywords: bullish am inside day candle amer axle & mfg

Ticker(s): AXL