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

By Nick Russo

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 $28.16 and $28.54 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 share prices have moved between a 52-week high of $30.30 and a 52-week low of $24.22 and are now trading 17% above that low price at $28.36 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has risen 0.2%.

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.

General Growth Properties has overhead space with shares priced $28.36, or 13.5% below the average consensus analyst price target of $32.77. The stock should hit resistance at its 50-day moving average (MA) of $28.64, as well as support at its 200-day MA of $27.11.

SmarTrend recommended that subscribers consider buying shares of General Growth Properties on February 25th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $27.13. Since that recommendation, shares of General Growth Properties have risen 3.3%. We continue to monitor GGP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle General Growth Properties

Ticker(s): GGP