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Possible Bearish Inside Day Candle Pattern Detected for Avalonbay Commun (NYSE:AVB)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Avalonbay Commun (NYSE:AVB) based on the price action in the company's shares. Today's price range of $199.42 and $199.42 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 Avalonbay Commun may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

AvalonBay Communities, Inc. is a real estate investment trust. The Company develops, redevelops, acquires, owns, and operates multifamily communities in the United States.

In the past 52 weeks, shares of Avalonbay Commun have traded between a low of $156.40 and a high of $200.40 and are now at $199.42, which is 28% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has risen 0.4%.

Avalonbay Commun (NYSE:AVB) is currently priced 7.7% above its average consensus analyst price target of $184.00. The stock should discover initial support at its 50-day moving average (MA) of $189.35 and subsequent support at its 200-day MA of $180.70.

SmarTrend recommended that subscribers consider buying shares of Avalonbay Commun on January 17th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $182.85. Since that recommendation, shares of Avalonbay Commun have risen 9.4%. We continue to monitor AVB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle avalonbay commun

Ticker(s): AVB