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Possible Bullish Inside Day Candle Pattern Detected for Hcp Inc (NYSE:HCP)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Hcp Inc (NYSE:HCP) based on the price action in the company's shares. Yesterday's price range of $28.96 and $29.27 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 Hcp Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Hcp Inc (NYSE:HCP) is currently priced 13.1% above its average consensus analyst price target of $25.21. The stock should find initial support at its 50-day moving average (MA) of $27.67 and further support at its 200-day MA of $25.38.

HCP, Inc. is a real estate investment trust. The Trust invests in health care related real estate properties such as senior housing, life sciences, medical offices, hospitals, and skilled nursing homes throughout the United States.

Over the past year, Hcp Inc has traded in a range of $21.48 to $30.27 and closed yesterday at $29.00, 35% above that low. The 200-day and 50-day moving averages have moved 0.58% higher and 1.02% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Hcp Inc on October 25th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $26.84. Since that recommendation, shares of Hcp Inc have risen 7.7%. We continue to monitor HCP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle hcp inc

Ticker(s): HCP