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

By David Diaz

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 $164.21 and $165.63 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.

There is potential upside of 15.1% for shares of Avalonbay Commun based on a current price of $164.42 and an average consensus analyst price target of $189.20. The stock should run into initial resistance at its 200-day moving average (MA) of $176.55 and subsequent resistance at its 50-day MA of $182.94.

Avalonbay Commun share prices have moved between a 52-week high of $199.52 and a 52-week low of $152.65 and are now trading 8% above that low price at $164.42 per share. The 200-day and 50-day moving averages have moved 0.16% higher and 0.58% higher over the past week, respectively.

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

SmarTrend is monitoring the recent change of momentum in Avalonbay Commun. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Avalonbay Commun in search of a potential trend change.

Keywords: bearish inside day candle avalonbay commun

Ticker(s): AVB