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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in American Tower (NYSE:AMT) based on the price action in the company's shares. Today's price range of $111.50 and $112.15 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 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 Tower have traded between a low of $83.07 and a high of $118.26 and are now at $111.77, which is 35% above that low price. The 200-day and 50-day moving averages have moved 0.17% higher and 1.36% higher over the past week, respectively.

American Tower Corporation 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. American Tower also offers a variety of network development services.

Potential upside of 5.4% exists for American Tower, based on a current level of $111.77 and analysts' average consensus price target of $117.75. The stock should discover initial support at its 50-day moving average (MA) of $101.23 and subsequent support at its 200-day MA of $96.25.

SmarTrend is tracking the current trend status for American Tower 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

Ticker(s): AMT