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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. Yesterday's price range of $195.60 and $196.56 is within the prior day'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.

Over the past year, Avalonbay Commun has traded in a range of $152.65 to $197.67 and closed yesterday at $195.47, 28% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.3%.

Avalonbay Commun (NYSE:AVB) is currently priced 5.9% above its average consensus analyst price target of $184.00. Avalonbay Commun shares have support at the 50-day moving average (MA) of $186.38 and additional support at the 200-day MA of $179.56.

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 7.4%. We continue to monitor AVB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle avalonbay commun

Ticker(s): AVB