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Possible Bearish Inside Day Candle Pattern Detected for HCP (NYSE:HCP)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in HCP (NYSE:HCP) based on the price action in the company's shares. Today's price range of $32.35 and $32.78 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 HCP may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

HCP (NYSE:HCP) is currently priced 4.0% above its average consensus analyst price target of $31.23. The stock should find initial resistance at its 50-day moving average (MA) of $33.05 and further resistance at its 200-day MA of $35.60.

HCP, Inc. is a real estate investment trust. The Trust invests in health care related real estate throughout the United States. HCP's properties include senior housing, life sciences, medical offices, hospitals, and skilled nursing homes.

In the past 52 weeks, shares of HCP have traded between a low of $25.11 and a high of $40.95 and are now at $32.52, which is 30% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.5%.

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

Keywords: bearish inside day candle

Ticker(s): HCP