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Possible Bullish Inside Day Candle Pattern Detected for Ampco-Pittsburgh (NYSE:AP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ampco-Pittsburgh (NYSE:AP) based on the price action in the company's shares. Yesterday's price range of $1.95 and $2.08 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 Ampco-Pittsburgh may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ampco-Pittsburgh share prices have moved between a 52-week high of $4.92 and a 52-week low of $1.94 and closed yesterday at 3% above that low price at $1.99 per share. The 200-day and 50-day moving averages have moved 1.13% lower and 2.16% lower over the past week, respectively.

Ampco-Pittsburgh Corporation manufactures engineered equipment. The Company produces finned tube heat exchange coils, large standard and custom air handling systems, centrifugal pumps, feed screws, hardened steel rolls, and heat transfer rolls. Ampco's products are used in the construction, power generation, refrigeration, chemical processing, marine defense, and steel industries.

There is potential upside of 653.8% for shares of Ampco-Pittsburgh based on a current price of $1.99 and an average consensus analyst price target of $15.00. The stock should find initial resistance at its 50-day moving average (MA) of $2.77 and further resistance at its 200-day MA of $3.45.

SmarTrend recommended that its subscribers protect gains by selling shares of Ampco-Pittsburgh on June 20th, 2019 by issuing a Downtrend alert when the shares were trading at $3.82. Since that call, shares of Ampco-Pittsburgh have fallen 49.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle ampco-pittsburgh

Ticker(s): AP