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Possible Bullish Inside Day Candle Pattern Detected for Macerich Co (NYSE:MAC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Macerich Co (NYSE:MAC) based on the price action in the company's shares. Yesterday's price range of $54.23 and $54.98 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 Macerich Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

The Macerich Company is a fully integrated, self-administered, and self-managed real estate investment trust. The Company acquires, owns, redevelops, manages, and leases regional and community shopping centers located throughout the United States.

Potential upside of 19.8% exists for Macerich Co, based on a current level of $54.46 and analysts' average consensus price target of $65.24. The stock should run into initial resistance at its 200-day moving average (MA) of $78.69 and subsequent resistance at its 50-day MA of $78.81.

In the past 52 weeks, shares of Macerich Co have traded between a low of $52.12 and a high of $94.51 and closed yesterday at $54.46, which is 4% 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 remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Macerich Co on February 2nd, 2018 by issuing a Downtrend alert when the shares were trading at $62.04. Since that call, shares of Macerich Co have fallen 12.8%. 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 macerich co

Ticker(s): MAC