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

By David Diaz

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. Yesterday's price range of $113.59 and $114.18 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 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.

American Tower share prices have moved between a 52-week high of $118.26 and a 52-week low of $83.07 and closed yesterday at 37% above that low price at $113.84 per share. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.4%.

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.

There is potential upside of 3.4% for shares of American Tower based on a current price of $113.84 and an average consensus analyst 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.

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 am inside day candle American Tower

Ticker(s): AMT