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Possible Bearish Inside Day Candle Pattern Detected for Senior Housing Properties Trust (NYSE:SNH)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Senior Housing Properties Trust (NYSE:SNH) based on the price action in the company's shares. Today's price range of $23.45 and $23.64 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 Senior Housing Properties Trust may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $23.53, Senior Housing Properties Trust is currently 29.2% above its average consensus analyst price target of $16.67. The stock should find initial support at its 50-day moving average (MA) of $17.31 and further support at its 200-day MA of $15.90.

Senior Housing Properties Trust is a real estate investment trust that owns senior living properties which are leased to unaffiliated tenants. The Trust currently owns independent living and assisted living communities, continuing care retirement communities, nursing homes, wellness centers, and medical office, clinic and biotech laboratory buildings located throughout the U.S.

In the past 52 weeks, Senior Housing Properties Trust share prices have been bracketed by a low of $13.53 and a high of $23.85 and are now at $23.53, 74% above that low price. The 200-day and 50-day moving averages have moved 0.05% higher and 1.52% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Senior Housing Properties Trust on March 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $15.86. Since that recommendation, shares of Senior Housing Properties Trust have risen 49.7%. We continue to monitor SNH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle senior housing properties trust

Ticker(s): SNH