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

By David Diaz

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 $33.76 and $34.20 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.

Over the past year, HCP has traded in a range of $25.11 to $40.95 and is now at $33.81, 35% above that low. The 200-day and 50-day moving averages have moved 0.17% lower and 1.47% higher over the past week, respectively.

HCP (NYSE:HCP) has potential upside of 15.5% based on a current price of $33.81 and analysts' consensus price target of $39.04. The stock should find resistance at its 200-day moving average (MA) of $35.60, as well as support at its 50-day MA of $33.05.

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.

SmarTrend recommended that subscribers consider buying shares of HCP on March 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $31.49. Since that recommendation, shares of HCP have risen 8.7%. We continue to monitor HCP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle

Ticker(s): HCP