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Possible Bullish Inside Day Candle Pattern Detected for General Growth Properties (NYSE:GGP)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in General Growth Properties (NYSE:GGP) based on the price action in the company's shares. Today's price range of $23.02 and $23.26 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 General Growth Properties may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

General Growth Properties, Inc. is a real estate investment trust (REIT). The Company owns, operates, leases, acquires and expands enclosed regional shopping mall centers throughout the United States. The REIT, with its operating partnership also has unconsolidated equity interests in other regional mall companies.

In the past 52 weeks, General Growth Properties share prices have been bracketed by a low of $22.86 and a high of $32.10 and are now at $23.14, 1% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.7%.

General Growth Properties has overhead space with shares priced $23.14, or 22.5% below the average consensus analyst price target of $29.84. The stock should find initial resistance at its 200-day moving average (MA) of $27.16 and further resistance at its 50-day MA of $28.83.

SmarTrend recommended that its subscribers protect gains by selling shares of General Growth Properties on January 27th, 2017 by issuing a Downtrend alert when the shares were trading at $24.38. Since that call, shares of General Growth Properties have fallen 6.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle General Growth Properties

Ticker(s): GGP