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

By Nick Russo

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 $139.54 and $140.66 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.

Potential upside of 11.6% exists for American Tower C, based on a current level of $140.39 and analysts' average consensus price target of $156.71. The stock should hit resistance at its 200-day moving average (MA) of $141.08, as well as support at its 50-day MA of $138.32.

Over the past year, American Tower C has traded in a range of $125.24 to $155.28 and is now at $140.39, 12% above that low. The 200-day and 50-day moving averages have moved 0.03% lower and 0.2% lower over the past week, respectively.

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

Keywords: bearish inside day candle american tower c

Ticker(s): AMT