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Possible Bullish Inside Day Candle Pattern Detected for American Airline (NASDAQ:AAL)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in American Airline (NASDAQ:AAL) based on the price action in the company's shares. Yesterday's price range of $26.34 and $26.43 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 American Airline may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 119.5% for shares of American Airline based on a current price of $26.74 and an average consensus analyst price target of $58.71. The stock should run into initial resistance at its 50-day moving average (MA) of $28.05 and subsequent resistance at its 200-day MA of $29.64.

In the past 52 weeks, shares of American Airline have traded between a low of $24.23 and a high of $37.23 and closed yesterday at $26.74, which is 10% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has slid 0.4%.

American Airlines Group Inc. operates an airline that provides scheduled passenger, freight, and mail service throughout North America, the Caribbean, Latin America, Europe, and the Pacific. The Company also provides connecting service throughout the United States, Canada, and the Caribbean.

SmarTrend is tracking the current trend status for American Airline and will alert subscribers who have AAL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle american airline

Ticker(s): AAL