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

By Nick Russo

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 $32.34 and $32.51 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, 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 (NYSE:HCP) is currently priced 3.9% above its average consensus analyst price target of $31.23. HCP shares should first meet resistance at the 50-day moving average (MA) of $33.05 and find additional resistance at the 200-day MA of $35.60.

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 $32.50, which is 29% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has slid 0.2%.

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

Keywords: bearish inside day candle

Ticker(s): HCP