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Possible Bullish Inside Day Candle Pattern Detected for American Tower (NYSE:AMT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in American Tower (NYSE:AMT) based on the price action in the company's shares. Today's price range of $113.59 and $114.18 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. Traders and investors interested in shares of American Tower may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 3.3% exists for American Tower, based on a current level of $114.00 and analysts' average consensus price target of $117.75. The stock should find initial support at its 50-day moving average (MA) of $101.23 and further support at its 200-day MA of $96.25.

American Tower Corporation owns, operates, and develops wireless communications and broadcast towers in the United States. The Company leases antennae sites on multi-tenant towers for a diverse range of wireless communications industries, including personal communications services, paging, and cellular. American Tower also offers a variety of network development services.

Over the past year, American Tower has traded in a range of $83.07 to $118.26 and is now at $114.00, 37% above that low. The 200-day and 50-day moving averages have moved 0.17% higher and 1.36% higher over the past week, respectively.

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

Keywords: bullish inside day candle American Tower

Ticker(s): AMT