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Possible Bullish Inside Day Candle Pattern Detected for Avalonbay Commun (NYSE:AVB)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Avalonbay Commun (NYSE:AVB) based on the price action in the company's shares. Yesterday's price range of $156.45 and $158.14 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 Avalonbay Commun may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

AvalonBay Communities, Inc. is a real estate investment trust. The Company develops, redevelops, acquires, owns, and operates multifamily communities in the United States.

Avalonbay Commun share prices have moved between a 52-week high of $199.52 and a 52-week low of $154.82 and closed yesterday at 1% above that low price at $157.12 per share. The 200-day and 50-day moving averages have moved 0.16% higher and 0.58% higher over the past week, respectively.

There is potential upside of 26.1% for shares of Avalonbay Commun based on a current price of $157.12 and an average consensus analyst price target of $198.11. The stock should find initial resistance at its 200-day moving average (MA) of $176.55 and further resistance at its 50-day MA of $182.94.

SmarTrend recommended that its subscribers protect gains by selling shares of Avalonbay Commun on November 29th, 2017 by issuing a Downtrend alert when the shares were trading at $180.78. Since that call, shares of Avalonbay Commun have fallen 13.7%. 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 avalonbay commun

Ticker(s): AVB