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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in MDC Holdings (NYSE:MDC) based on the price action in the company's shares. Yesterday's price range of $25.92 and $26.32 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 MDC Holdings may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 18.2% for shares of MDC Holdings based on a current price of $26.06 and an average consensus analyst price target of $30.80. MDC Holdings shares have support at the 200-day moving average (MA) of $25.58 and additional support at the 50-day MA of $24.42.

MDC Holdings share prices have moved between a 52-week high of $31.23 and a 52-week low of $19.28 and closed yesterday at 35% above that low price at $26.06 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.1%.

M.D.C. Holdings, Inc., through its subsidiaries, builds and sells homes under the name Richmond American Homes. The Company also originates mortgage loans primarily for its home buyers. M.D.C. builds its single-family homes in Colorado, Virginia, Maryland, Northern and Southern California, Arizona, and Nevada.

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

Keywords: bearish am inside day candle mdc holdings

Ticker(s): MDC