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

By Nick Russo

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 $211.27 and $213.07 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.

In the past 52 weeks, Avalonbay Commun share prices have been bracketed by a low of $167.01 and a high of $222.52 and closed yesterday at $212.05, 27% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.2%.

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 (NYSE:AVB) defies analysts with a current price ($212.05) 13.2% above its average consensus price target of $184.00. Avalonbay Commun shares should encounter resistance at the 50-day moving average (MA) of $215.01 and support at its 200-day MA of $205.05.

SmarTrend is tracking the current trend status for Avalonbay Commun and will alert subscribers who have AVB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle avalonbay commun

Ticker(s): AVB