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Possible Bearish Inside Day Candle Pattern Detected for Taubman Centers (NYSE:TCO)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Taubman Centers (NYSE:TCO) based on the price action in the company's shares. Yesterday's price range of $34.27 and $35.21 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 Taubman Centers may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Taubman Centers share prices have been bracketed by a low of $26.24 and a high of $54.50 and closed yesterday at $34.67, 32% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has remained constant.

Taubman Centers (NYSE:TCO) has potential upside of 78.8% based on a current price of $34.67 and analysts' consensus price target of $62.00. The stock should find resistance at its 200-day moving average (MA) of $38.91, as well as support at its 50-day MA of $30.95.

Taubman Centers, Inc. is a real estate investment trust which, through its operating partnership, the Taubman Realty Group LP, holds interests in and owns, develops, acquires, and operates regional shopping centers. Its activities include centers' management, leasing, and expansion.

SmarTrend is monitoring the recent change of momentum in Taubman Centers. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Taubman Centers in search of a potential trend change.

Keywords: bearish am inside day candle taubman centers

Ticker(s): TCO