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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in UDR (NYSE:UDR) based on the price action in the company's shares. Today's price range of $34.47 and $34.82 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 UDR 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, UDR share prices have been bracketed by a low of $30.03 and a high of $38.61 and are now at $34.53, 15% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has remained constant.

UDR (NYSE:UDR) has potential upside of 7.4% based on a current price of $34.53 and analysts' consensus price target of $37.07. The stock should run into initial resistance at its 200-day moving average (MA) of $35.30 and subsequent resistance at its 50-day MA of $36.52.

UDR, Inc. is a self-administered real estate investment trust. The Company owns, operates, and develops apartment communities located nationwide.

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

Keywords: bearish inside day candle

Ticker(s): UDR