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

By David Diaz

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. Yesterday's price range of $47.51 and $48.01 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. 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.

In the past 52 weeks, shares of American Campus have traded between a low of $39.37 and a high of $50.82 and closed yesterday at $48.00, which is 22% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

American Campus (NYSE:ACC) defies analysts with a current price ($48.00) 10.8% above its average consensus price target of $42.82. The stock should hit resistance at its 50-day moving average (MA) of $48.07, as well as support at its 200-day MA of $47.12.

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.

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

Keywords: bearish am inside day candle american campus

Ticker(s): ACC