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

By David Diaz

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 $45.13 and $45.92 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.

Agree Realty has overhead space with shares priced $45.92, or 13.2% below the average consensus analyst price target of $52.88. Agree Realty shares have support at the 50-day moving average (MA) of $38.63 and additional support at the 200-day MA of $33.84.

Agree Realty share prices have moved between a 52-week high of $53.65 and a 52-week low of $41.01 and closed yesterday at 12% above that low price at $45.92 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.8%.

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

SmarTrend recommended that its subscribers protect gains by selling shares of Agree Realty on January 9th, 2018 by issuing a Downtrend alert when the shares were trading at $49.98. Since that call, shares of Agree Realty have fallen 9.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle agree realty

Ticker(s): ADC