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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. Yesterday's price range of $218.44 and $218.63 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.

In the past 52 weeks, Avalonbay Commun share prices have been bracketed by a low of $188.03 and a high of $222.52 and closed yesterday at $217.74, 16% above that low price. The 200-day and 50-day moving averages have moved 0.17% higher and 0.07% 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.

Avalonbay Commun (NYSE:AVB) is currently priced 15.5% above its average consensus analyst price target of $184.00. Avalonbay Commun shares have support at the 50-day moving average (MA) of $212.43 and additional support at the 200-day MA of $209.86.

SmarTrend is tracking the current trend status for Avalonbay Commun and will alert subscribers who have AVB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle avalonbay commun

Ticker(s): AVB