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Possible Bearish Inside Day Candle Pattern Detected for Macerich Co (NYSE:MAC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Macerich Co (NYSE:MAC) based on the price action in the company's shares. Yesterday's price range of $25.28 and $25.68 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 Macerich Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

The Macerich Company is a fully integrated self-managed and self-administered real estate investment trust. The Company focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.

Potential upside of 149.5% exists for Macerich Co, based on a current level of $25.62 and analysts' average consensus price target of $63.92. The stock should run into initial resistance at its 50-day moving average (MA) of $26.80 and subsequent resistance at its 200-day MA of $32.41.

In the past 52 weeks, shares of Macerich Co have traded between a low of $24.94 and a high of $47.05 and closed yesterday at $25.62, which is 3% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 0.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of Macerich Co on October 2nd, 2019 by issuing a Downtrend alert when the shares were trading at $29.36. Since that call, shares of Macerich Co have fallen 11.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle macerich co

Ticker(s): MAC