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Possible Bearish Inside Day Candle Pattern Detected for American Campus (NYSE:ACC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in American Campus (NYSE:ACC) based on the price action in the company's shares. Today's price range of $46.87 and $46.87 is within yesterday'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. Owners of American Campus may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

American Campus Communities, Inc. owns and operates on and off-campus housing properties within close proximity to colleges and universities. The Company provides development and construction services for student housing properties owned by universities, charitable foundations and others. American Campus Communities also provides third party management and leasing services.

In the past 52 weeks, American Campus share prices have been bracketed by a low of $35.88 and a high of $47.04 and are now at $46.87, 31% above that low price. The 200-day and 50-day moving averages have moved 0.40% higher and 0.98% higher over the past week, respectively.

American Campus (NYSE:ACC) is currently priced 8.6% above its average consensus analyst price target of $42.82. The stock should discover initial support at its 50-day moving average (MA) of $44.57 and subsequent support at its 200-day MA of $42.44.

SmarTrend recommended that subscribers consider buying shares of American Campus on January 17th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $43.14. Since that recommendation, shares of American Campus have risen 9.1%. We continue to monitor ACC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle american campus

Ticker(s): ACC