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Possible Bearish Inside Day Candle Pattern Detected for American Tower C (NYSE:AMT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in American Tower C (NYSE:AMT) based on the price action in the company's shares. Today's price range of $215.47 and $215.82 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 Tower C may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, American Tower C has traded in a range of $136.74 to $218.79 and is now at $215.47, 58% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has advanced 0.8%.

American Tower C (NYSE:AMT) is currently priced 27.3% above its average consensus analyst price target of $156.71. The stock should find initial support at its 50-day moving average (MA) of $200.89 and further support at its 200-day MA of $173.74.

American Tower Corp. is a real estate investment trust that owns, operates, and develops wireless communications and broadcast towers in the United States. The Company leases antennae sites on multi-tenant towers for a diverse range of wireless communications industries, including personal communications services, paging, and cellular.

SmarTrend recommended that subscribers consider buying shares of American Tower C on January 23rd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $165.07. Since that recommendation, shares of American Tower C have risen 31.8%. We continue to monitor AMT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle american tower c

Ticker(s): AMT