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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 $40.66 and $41.19 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.

Potential upside of 4.3% exists for American Campus, based on a current level of $41.06 and analysts' average consensus price target of $42.82. American Campus shares have support at the 50-day moving average (MA) of $40.96 and additional support at the 200-day MA of $39.96.

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, shares of American Campus have traded between a low of $34.52 and a high of $43.86 and closed yesterday at $41.06, which is 19% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

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