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

By Shiri Gupta

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. Yesterday's price range of $32.28 and $32.78 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 HCP may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

HCP share prices have moved between a 52-week high of $40.95 and a 52-week low of $25.11 and closed yesterday at 29% above that low price at $32.40 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.5%.

HCP (NYSE:HCP) is currently priced 3.6% above its average consensus analyst price target of $31.23. The stock should run into initial resistance at its 50-day moving average (MA) of $33.05 and subsequent resistance at its 200-day MA of $35.60.

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 am inside day candle

Ticker(s): HCP