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Possible Bullish Inside Day Candle Pattern Detected for Amer Equity Invt (NYSE:AEL)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Amer Equity Invt (NYSE:AEL) based on the price action in the company's shares. Yesterday's price range of $16.68 and $19.27 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 Equity Invt may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

American Equity Investment Life Holding Company develops, markets, issues, and administers annuities and life insurance products through its subsidiaries. The Company is a full-service underwriter of an array of annuity and insurance products, and is licensed to sell its products throughout the United States.

Amer Equity Invt share prices have moved between a 52-week high of $34.16 and a 52-week low of $16.16 and closed yesterday at 19% above that low price at $19.24 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 3.7%.

Amer Equity Invt (NYSE:AEL) has potential upside of 75.4% based on a current price of $19.24 and analysts' consensus price target of $33.75. The stock should find initial resistance at its 200-day moving average (MA) of $26.49 and further resistance at its 50-day MA of $27.78.

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

Keywords: bullish am inside day candle amer equity invt

Ticker(s): AEL