New York, May 4th (TradersHuddle.com) - Shares of American International Group, Inc. (NYSE:AIG) ended the trading session lower by $0.59 or -1.7% from its previous close. AIG's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
American International Group, Inc. (NYSE:AIG) through its subsidiaries provides a varied range of insurance and insurance-related products in the United States and abroad. The Company's main activities include both general insurance and life insurance & retirement services operations as well as financial services and asset management. AIG participates in the credit default swaps and mortgage backed securities markets.
AIG's current stock range is determined by calculated support defined at $31.30 and by the resistance level at $35.04, which should be used by traders planning their next move.
If traders want to establish a position in AIG, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor AIG for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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