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Possible Bullish Inside Day Candle Pattern Detected for Agree Realty (NYSE:ADC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Agree Realty (NYSE:ADC) based on the price action in the company's shares. Yesterday's price range of $45.51 and $46.56 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. Traders and investors interested in shares of Agree Realty may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Agree Realty have traded between a low of $27.74 and a high of $51.50 and closed yesterday at $46.02, which is 66% above that low price. The 200-day and 50-day moving averages have moved 0.59% higher and 0.76% higher over the past week, respectively.

Agree Realty has overhead space with shares priced $46.02, or 10.5% below the average consensus analyst price target of $51.40. The stock should find initial support at its 50-day moving average (MA) of $38.63 and further support at its 200-day MA of $33.84.

Agree Realty Corporation is a real estate investment trust that owns, manages and develops primarily neighborhood community shopping centers or single tenant properties, located in twelve states and leased under net leases to major retail tenants.

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

Keywords: bullish am inside day candle agree realty

Ticker(s): ADC