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

By Nick Russo

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 $23.70 and $24.08 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.

Over the past year, Hcp Inc has traded in a range of $23.61 to $40.43 and closed yesterday at $23.72, 0% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has slid 0.2%.

Hcp Inc (NYSE:HCP) has potential upside of 21.4% based on a current price of $23.72 and analysts' consensus price target of $28.80. The stock should find initial resistance at its 50-day moving average (MA) of $33.05 and further resistance at its 200-day MA of $35.60.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Hcp Inc on December 21st, 2017 by issuing a Downtrend alert when the shares were trading at $25.71. Since that call, shares of Hcp Inc have fallen 8.1%. 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 hcp inc

Ticker(s): HCP