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Possible Bearish Inside Day Candle Pattern Detected for Mid-America Apar (NYSE:MAA)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mid-America Apar (NYSE:MAA) based on the price action in the company's shares. Yesterday's price range of $125.24 and $126.22 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 Mid-America Apar may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Mid-America Apartment Communities, Inc. is a self-administered and self-managed real estate investment trust which owns, develops, acquires, and operates multi family apartment communities in the southeast and midwest United States and Texas. In addition, the Company conducts third party property management, development, and construction activities through its service corporation.

Over the past year, Mid-America Apar has traded in a range of $91.21 to $126.86 and closed yesterday at $125.33, 37% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.4%.

Mid-America Apar (NYSE:MAA) defies analysts with a current price ($125.33) 18.2% above its average consensus price target of $102.57. The stock should find initial support at its 50-day moving average (MA) of $120.16 and further support at its 200-day MA of $108.43.

SmarTrend recommended that subscribers consider buying shares of Mid-America Apar on May 1st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $109.76. Since that recommendation, shares of Mid-America Apar have risen 15.1%. We continue to monitor MAA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle mid-america apar

Ticker(s): MAA